Court Case: CAC Places Caveat On FBN Holdings Records

The Corporate Affairs Commission (CAC) has placed a caveat on the affairs of FBN Holdings PLC pending the conclusion of a case filed by aggrieved shareholders of the firm.

The CAC made the disclosure in a letter signed by Chidinma Maureen Maureen Nwite for the CAC Registra-General, dated September 20, 2023.

The letter, seen by our correspondent on Tuesday, was addressed to the Principal Partner, Adebayo & Gbadamosi Legal Practitioners. 19, Ebitu Ukiwe Street, Jabi, Abuja.

It reads: “Dear Sir, RE: NOTIFICATION OF PENDENCY OF SUIT NO: FHC/L/CP/1575/23 AGAINST FBN HOLDINGS PLC, AND SUBSISTING INTERIM ORDERS OF THE FEDERAL HIGH COURT MADE ON THE 9TH DAY OF AUGUST, 2023 RESTRAINING FBN HOLDINGS PLC. FROM HOLDING OR PROCEEDING WITH ITS ANNUAL GENERAL MEETING PURPORTEDLY HELD ON THE 15TH DAY OF AUGUST, 2023.

“This is to acknowledge receipt of your letter dated 28th August, 2023 in respect of the above subject matter.

“This is to inform you that the record of FBN Holdings PLC RC: 916455 has been placed on caveat pending the determination of Suit No. FHC/L/CS/1575/2023.

“Please be guided accordingly.

“Chidimma Maureen Nwite FOR: REGISTRAR-GENERAL.”

FBN Holdings has since 2022 been the subject of several court cases challenging its internal governance and shareholding structure, with different shareholders taking the battle to the courtroom.

One of the cases is that of Olusegun Samuel Onagoruwa v. FBN Holdings Plc. (Suit No. FHC/L/CP/1271/2022).