The anticipated annual general meeting (AGM) of First Bank Holding Co has been thrown into uncertainty as a Federal High Court in Lagos has issued an interim injunction restraining the company’s directors from proceeding with the scheduled meeting on Tuesday.
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In a ruling issued by Justice I. N. Oweibo in response to a case brought forward by three shareholders: Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare – the first, second, and third petitioners. They sought the court’s intervention to halt the AGM until their substantial suit is determined.
In his verdict, the judge stated, “After hearing Dr. Muiz Banire SAN (with Kunle Adegoke SAN and Seoun Onabowu) of counsel for the petitioners/applicants who moves in terms of the motion papers urging the court to grant the same; and the court having ruled this 9th day of August 2023, it is hereby ordered as follows: that the application is accordingly granted as prayed.
“That an order of interim injunction is hereby made restraining the respondent whether directly by itself or indirectly through its directors, managers, officers, employees, servants, consultants, lawyers, 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.
“That the return date shall be 16th August 2023 for the motion on notice.”
This legal action signals a revolt by shareholders of Nigeria’s oldest financial institution against directors who are pushing for the AGM to gain approval from equity holders for a N150bn fresh equity raise via a rights issue. Additionally, the AGM is meant to decide on electing billionaire Femi Otedola as a director, despite the fact that the board already has two of his representatives.
In response to the court injunction, First Bank Holding issued a statement earlier this week. The notice, signed by the acting Company Secretary, Adewale Arogundade, stated, “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports purporting that the Company has received a Court Order stopping It from holding the Annual General Meeting (AGM) scheduled for August 15, 2023.
“We confirm that this assertion is a false narrative as the Company has, as at the date hereof, not been served with any court order to stop the forthcoming AGM.”
The bank emphasized that the AGM is a statutory requirement that must be conducted in compliance with the law. It assured shareholders that the AGM would proceed as planned on August 15, 2023, and pledged to notify regulators and the public if a lawful order to halt the meeting is received.
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