Breaking: Court Restrains FBN Holdings From Holding AGM.

The Federal High Court sitting in Lagos has restrained FBN Holdings Plc from holding its Annual General Meeting (AGM) hitherto fixed for August 15, 2023 pending the hearing and determination of the substantive matter filed before it by three aggrieved shareholders of First Bank.

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.

The shareholders/petitioners are Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare. The court order is dated August 9, 2023.

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.