Court restrains FBN Holdings from organising AGM on Tuesday

The Federal High Court sitting in Lagos has granted an interim order restraining FBN Holdings Plc from holding its Annual General Meeting (AGM) fixed for Tuesday, August 15, 2023, pending the hearing and determination of the motion on notice filed before it by three aggrieved shareholders of First Bank.

Justice Nicholas Oweibo gave the order after hearing an ex parte application moved by Senior Advocate of Nigeria, Muiz Banire who led Senior Advocate of Nigeria Kunle Adegoke and Seun Onabowu, to represent the three shareholders/ petitioners before the court.

The shareholders/petitioners are Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.

In the ruling which was delivered on Aug 9th, Justice Oweibo restrained FBN Holdings Plc and its employees from holding the scheduled AGM until the issues before the court are resolved. The court fixed, Wednesday, August 16 for further hearing.

By a letter dated the 14th of August, 2023, the lawyers to the aggrieved shareholders have communicated the order of the court to the company and subsequently filed a notice of consequences of disobedience of court order, Form 48 against FBN Holdings Plc.

The Form 48 which is addressed to The Group Managing Director of FBN Holdings, Mr Nnamdi Okonkwo reads: “Take Notice that unless you obey the directions contained in this order attached, you will be guilty of contempt of court and will be liable to be committed to prison.

The interim order reads, “Upon reading the affidavit in support of the motion; ex-parte and exhibits attached, thereto sworn to by Adebayo Oluwafemi Abayomi, Male, ‘Christian, Nigerian, Businessman of 4, Lawani Close, Off Gaskiya Road, Ijora, 7 Up Apapa, Lagos State and a written address in support of the Motion Ex-parte dated 8th day of August 2023.

“It is hereby ordered as follows: “An Order of Interim Injunction restraining the Respondent (FBN Holdings Plc), whether directly by itself, or indirectly through its directors, managers, officers, employees, servants, consultants, attorneys, agents, representatives, privies, however so-called, persons acting under its instructions and control, from holding, or taking any step to hold, or proceeding with the proposed Annual General Meeting of the Respondent scheduled to hold on the 15th day of August 2023 by virtual means, pending the hearing and determination of the Motion on Notice already pending before this Honourable Court

“And for an order or other orders as this Honourable Court may deem fit to make in the circumstances.”