Suspended’ AGM: Court Issues Contempt Notice To FBN Holdings

By Aisha Balogun

The Federal High Court sitting in Lagos Monday warned FBN Holdings Plc not to disobey an order restraining it from holding its Annual General Meeting (AGM) hitherto fixed for August 15, 2023.

The court issued the warning to FBN Holdings’ Group Managing Director, Nnamdi Okonkwo, in a Form 48 Notice following an application by three aggrieved shareholders of First Bank, owned by FBN Holdings.

The shareholders/applicants are Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.

The order, in Suit FHC/L/CP/1575/23, is titled: “NOTICE OF CONSEQUENCES OF DISOBEDIENCE TO ORDER OF COURT”

It reads: “To: MR NNAMDI OKONKWO, THE GROUP MANAGING DIRECTOR OF FEN HOLDINGS PLC.

“TAKE NOTICE that unless you obey the directions contained in this order attached, you will be guilty of contempt of court and will be liable to be committed to prison.”

The court, in a ruling last Wednesday, restrained FBN Holdings from holding its AGM fixed for August 15, 2023 pending the hearing and determination of the substantive matter filed before it by the trio.

Justice Nicholas Oweibo made the order after hearing an ex-parte application moved by Muiz Banire (SAN, leading Kunle Adegoke (SAN) and Seun Onabowu, all counsels for the petitioners/applicants, in suit number FHC/L/CP/1575/23.

In the ruling, Justice Oweibo directed FBN Holdings Plc not to hold its scheduled AGM until the issues before the court are resolved.

The order reads, “Upon reading the affidavit in support of the motion; ex-parte and exhibits attached, thereto sworn to by Adebayo Oluwafemi Abayomi, Male, ‘Christian, Nigerian, Businessman of 4, Lawani Close, Off Gaskiya Road, Ijora, 7 Up Apapa, Lagos State and a written address in support of the Motion Ex-parte dated 8th day of August, 2023.

“It is hereby ordered as follows: “An Order of Interim Injunction restraining the Respondent (FBN Holdings Plc), whether directly by itself, or indirectly through its directors, managers, officers, employees, servants, consultants, attorneys, 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

“And for an order or other orders as this Honourable Court may deem fit to make in the circumstances.”

The suit resumes Wednesday, August 16.