A Federal High Court sitting in Lagos, has restrained First Bank Nigeria (FBN) Holdings Plc from holding, conducting or hosting its 12th Annual General Meeting (AGM) hitherto scheduled to take on August 22, 2024.
The Court presided over by Justice Akintayo Aluko, ordered tat the AGM whether virtually or otherwise, should not hold pending the determination of a motion for interlocutory injunction filed by a shareholder, Tohir Folorunsho Ismaila.
The Court Order which was granted on August 13, 2024 was predicated on a motion ex parte filed and moved by Prof Taiwo Osipitan, SAN, with Mrs Olayemi Badewole, SAN, and Adetola Ogunlewe for Ismaila, the petitioner/ applicant.
FBN Holdings is the sole respondent in the suit, marked: FHC/L/CP/ 1428 /2024.
Justice Aluko also granted an order of interim injunction restraining the respondent/respondent by itself, its directors, secretary or agents, assigns, servants, privies or any person acting on its behalf from holding/ conducting/ hosting the 12th Annual General Meeting of the respondent scheduled for 22nd August, 2024, via a virtual medium or howsoever pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction.
The court also held; “An order of interim injunction restraining the respondent, its agents, servants, privies and/or assigns from taking any steps to pass any special and/or ordinary resolutions at its Annual General Meeting slated for the 22nd of August, 2024, pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted.
“An order of interim injunction restraining the respondent, its directors, secretary, agents, privies or person(s) acting on its behalf from sending out any notice of general meeting of the respondent otherwise howsoever conveying any general meeting of the respondent/respondent pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted.”
The petitioner told the Court that the grounds for his application include that he is aggrieved over the “illegal and oppressive actions of the respondent, which has negatively affected his rights and interest as a shareholder of the respondent.
The Court adjourned the case to August 23, 2024.
