BoG ordered by Court of Appeal to restore GN Bank’s licence and assets.

The Court of Appeal has overturned an earlier High Court ruling that supported the cancellation of the licence of GN Savings and Loans Company Limited.

In a unanimous decision, the three-member panel ruled that the revocation of the company’s licence was unjustified and unreasonable. The judges also ordered the receiver to return control and management of the company’s assets and operations to its shareholders.

The court further stated that any third-party interests established during the receivership process would be reviewed individually, taking into account whether those parties acted in good faith.

The ruling is expected to pave the way for the reinstatement of the licence of GN Savings and Loans Company Limited.