AGM: Contempt Suit Against FBN Officials Fixed For August 23

The Federal High Court sitting in Lagos Wednesday adjourned till August 23 to hear a motion seeking to commit FBN Holdings Plc officials to prison for alleged contempt of court.

The motion, filed by three aggrieved FBN Holdings Plc shareholders, alleges that the firm held its Annual General Meeting (AGM) on Tuesday, August 15, despite an order of court specifically restraining it from proceeding with the AGM.

Justice Nicholas Oweibo had on August 14 warned FBN Holdings’ Group Managing Director, Nnamdi Okonkwo, not to disobey the order restraining it from holding its AGM.

The shareholders/applicants in the suit marked FHC/L/CP/1575/23, are Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.

At the resumption of proceedings Wednesday counsel to the Plaintiffs Dr. Muiz Banire (SAN) informed the court that the defendants were “in flagrant disobedience” of the court order.

He said an affidavit of facts, stating the particulars of the disobedience had been filed.

But FBN’s counsel Mutalubi Ojo Adebayo (SAN) informed the court that he had filed a motion seeking to discharge the order.

Adebayo, a former Oyo State Attorney-General and Commissioner for Justice, prayed the court for an adjournment.

Another counsel, Ebun-Olu Adegboruwa (SAN) also filed a motion for joinder as co-plaintiff to ventilate the right of his client who had a similar complaint.

Justice Oweibo adjourned the case to Wednesday 23 August for hearing of the motion for disobedience.

Attached to the petitioners’ affidavit is an August 14 notice purportedly signed by FBN’s Acting Company Secretary Adewale Arogundade explaining why the company went ahead with the AGM.

The letter was titled “Notification on conduct of Annual General Meeting of FBN Holdings Plc.”

It notified the public and the firm’s stakeholders that FBN Holdings Plc was served with an ex parte order of interim Injunction on Friday, August 11, 2023, restraining it from proceeding with the proposed Annual General Meeting (AGM) as scheduled for August 15, 2023.

FBN added: “We confirm that our lawyers have filed and served on the Petitioners the necessary processes and notice of appeal challenging the said order and seeking that same, as well as the entire proceedings be set aside, paving way for the AGM to proceed on August 15, 2023, as earller scheduled, Including but not limited to:

“A Notice of Appeal against the decision of the Federal High Court to grant the ex-parte order;

“A Motion on Notice for an order to stay and/or suspend the execution of the ex-parte order as well as to stay further proceedings In the Sult pending the hearing and consequent determination of the Appeal filed at the Court of Appeal.

“In the light of the foregoing, the Company believes that It can proceed and Is Indeed proceeding with the AGM (which is a statutory meeting) as scheduled on August 15, 2023.

“The AGM shall be conducted in accordance with the applicable laws and regulations, and the Company will continue to take all legal steps to prosecute its appeal against the ex parte interim order with a view to securing its vacation as well as the setting aside of the proceedings in its entirety.”