Hobbled by mounting legal attacks by its own shareholders, FBN Holdings Plc has been forced to put off its long overdue annual general meeting (AGM) indefinitely.
Before the cancellation, the 12th annual general meeting (AGM) was rescheduled from August 22 to September 3, 2024.
“The meeting was to consider and if thought fit, approve the accounts, declare a dividend, authorise the company to undertake a capital raise of up to N350 billion and other ancillary matters is hereby canceled,” FBN Holdings stated in the August 26 notice.
The financial holding company stated that further information would be provided in due course.
This statement came after a Lagos Federal High Court halted FBN Holdings‘ 12th Annual General Meeting (AGM), scheduled for August 22, at the request of shareholder Tohir Folorunsho Ismaila.
The meeting was prevented from holding either virtually or otherwise, pending the determination of a motion for interlocutory injunction.
Justice Akintayo Aluko gave the order on August 13, 2024, after hearing a motion ex-parte filed and moved by Taiwo Osipitan (SAN) with Olayemi Badewole SAN and Adetola Ogunlewe Esq., for Ismaila, the Petitioner/Applicant.
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