Court orders merger of two firms

A Federal High Court in Lagos has given an order granting Standard Alliance Insurance Plc and Standard Alliance Life Assurance Limited to sanction the scheme of merger as set out in the document between the two petitioners.

The order as set out on pages 20 to 23 of the scheme document is also granting the petitioners power of transferring to and vesting in the first petitioner all the assets, liabilities and business undertaking of the second petitioner.

Justice Babs O. Kuewumi gave the order in a motion ex-parte dated December 19, 2016 after reading the affidavit in support of the motion paper sworn to by Managing Director of Standard Alliance Insurance Plc (first applicant), Bode Akinboye and that of O. Adeyemo.

The order also sanctioned the issuance and allotment of 917,857,136 ordinary shares of N0.50 kobo each of the first petitioner to the scheme shareholders as at the qualification date.