FBN Holdings barred by court from conducting AGM

A Lagos Federal High Court has 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.

FBN Holdings is the sole respondent in the suit marked FHC/L/CP/1428/2024.

Justice Aluko held: “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 is hereby granted.

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“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 Respondent has deliberately proposed to hold the meeting virtually as opposed to physically where all shareholders of the Respondent will not have the opportunity to attend and vote.

“The issues and matters slated for deliberation at the proposed Annual General Meeting of 22nd August 2024 will affect the rights of the Petitioner as a Shareholder of the Respondent.

“It will be prejudicial to the interest of the Petitioner if the Respondent proposed Annual General Meeting is allowed to hold virtually, and the issues slated for deliberation voted on.”