Justice Akintayo Aluko of the Lagos Federal High Court has reinstated an order prohibiting FBN Holdings from conducting its 12th Annual General Meeting (AGM) until a motion for an interlocutory injunction, filed by an aggrieved shareholder, Tohir Folorunsho Ismaila, is resolved.
The reinstatement occurred today due to FBN Holdings’ failure to file its responses to the suit, as previously directed by the court.
Earlier, on August 13, 2024, Justice Aluko had granted an ex-parte motion to restrain FBN Holdings from holding its AGM scheduled for August 22, 2024. The motion was filed by Professor Taiwo Osipitan (SAN), alongside Mrs. Olayemi Badewole (SAN) and Adetola Ogunlewe Esq., representing the petitioner, Ismaila.
In the suit marked FHC/L/CP/1428/2024, the court issued an interim injunction, stating: “An Order of Interim Injunction restraining the Respondent, its Directors, Secretary, or agents from holding or hosting the 12th Annual General Meeting, scheduled for August 22, 2024, via any medium, pending the determination of the Petitioner’s Motion on Notice for Interlocutory Injunction, is hereby granted.”
Additionally, the court restrained FBN Holdings from passing any resolutions at the AGM or issuing any notices for general meetings until the motion on notice is addressed.
The judge had set today, August 22, for hearing the petitioner’s interlocutory injunction motion, alongside FBN Holdings’ counter-petition and preliminary objections. However, at the resumed hearing, the petitioner’s counsel, Professor Osipitan, stated that both parties were ready to proceed.
FBN Holdings’ counsel, Babajide Koku (SAN), argued that his client was still within the permissible timeframe to file responses and requested an adjournment, noting that the urgency had diminished since the AGM had been postponed to September 3, 2024.
Despite opposing the adjournment, Professor Osipitan requested that if granted, FBN Holdings should formally undertake not to hold the AGM until the court resolves the pending motions.
In his ruling, Justice Aluko reaffirmed that the interim order issued on August 13, 2024, remains in effect until all applications are heard and resolved. The case has been adjourned to August 29, 2024, for further hearing.
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