FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, has made a resolute announcement, confirming its intention to proceed with the scheduled Annual General Meeting (AGM) on August 15, 2023.
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This decision comes despite the company being served with an ex parte order of interim injunction issued by the Federal High Court in Lagos.
Initially, FBN had denied any knowledge of a court order that could hinder the AGM. The company maintains that the AGM will proceed as planned and has expressed its determination to adhere to its original schedule.
In a statement issued on August 14, 2023, and signed by the Company Secretary, Seye Kosoko, FBN Holdings explained that the ex parte order of interim injunction was served on August 11, 2023. This legal action arose from a lawsuit filed by three shareholders who sought to prevent the company from conducting the AGM.
FBN Holdings has promptly responded to this legal challenge by involving its legal representatives. The company’s lawyers have filed necessary processes and submitted a notice of appeal to challenge the court order. These legal steps aim to set aside the injunction and the associated proceedings.
The company remains steadfast in its belief that the AGM, being a statutory meeting, can proceed according to applicable laws and regulations. In accordance with Nigerian Exchange Limited (Rulebook), FBN Holdings clarifies its position, stating that it received the ex parte order of interim injunction on August 11, 2023. This order was issued under Suit No. FHC/L/CS/1575/23 – In the Matter of Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare vs. FBN Holdings Plc.
FBN Holdings further informs that its lawyers have engaged with the petitioners by filing necessary processes and a notice of appeal. These actions aim to challenge the court order and request its reversal, thereby allowing the AGM to proceed on August 15, 2023, as originally planned.
Emphasizing its commitment to maintaining transparency and adhering to legal procedures, FBN Holdings underscores its belief in the feasibility of proceeding with the AGM. The company is confident in its stance that the AGM, being a statutory meeting, is well within its rights to take place on the designated date.
The AGM will be conducted in accordance with relevant laws and regulations. FBN Holdings reaffirms its determination to continue pursuing legal avenues to counter the ex parte interim order. The company’s goal is to secure the vacation of the order and the nullification of the associated proceedings.
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