Court Reiterates Order Stopping 12th First Bank Holdings AGM

The Federal High Court, sitting in Lagos has reinstated its order that put the 12th Annual General Meeting (AGM) of FBN Holdings on hold until the hearing and determination of the Motion on notice filed by the aggrieved shareholder of the bank Tohir Folorunsho Ismaila. 

Justice Akintayo Aluko made the order sequel to an application from professor Taiwo Osipitan SAN which extensively opposed by the the counsel to FBN Holdings Babajide Koku SAN.

Justice Aluko stated that the Rest of the case is the 12th AGM Meeting and it must be preserved in order not to run the outcome of the Motion for Interlocutory injunction nurgatary.

The judge reinstated the order due to inability of the FBN Holdings to file it’s responses to the suit, as ordered by the court.

Subsequently, the case was adjourned till September 3rd the hearing of the motion for the Interlocutory Injunction, as well as the motion to discharge the order.

Recall that the court had on August 13, 2024, granted an ex-parte motion marked FHC/L/CP/1428/2024, which was filed and argued by Plaintiff’s counsels professor Taiwo Osipitan SAN and Mrs Olayemi Badewole SAN.

The order restrained FBN Holdings from conducting 12 AGM slated for the 22nd of August either by Respondent/Respondent by itself, its Directors, Secretary or agents, assigns, servants, privies or any person acting on its behalf from holding/ conducting/hosting the 12th Annual General Meeting of the Respondent scheduled for 22nd August 2024 via a virtual medium or howsoever pending the hearing and determination of the Petitioner’s Motion on Notice for Interlocutory Injunction is hereby granted.

The court had on the 20th of August adjourned the hearing of the petitioner/applicant’s Interlocutory injunction, as well as, FBN Holdings’ counter to the petition and preliminary objection till the 22nd August.

At the resumed hearing of hearing, Osipitan SAN informed the court that parties are ready to go on with the hearing of both motions.

But koku (SAN said that his time within which to file his response to the motion for Interlocutory injunction has not lapsed, therefore he prayed the court to shift the hearing to another date.

He also told the court that the ‘res’ in the matter has been overtaking by event because the AGM that was lated for 22nd August did not take place and postponed to the 3rd of September, 2024.

But Professor Osipitan vehemently opposed to the FBN Holdings’ oral application for adjournment. He stated that such application should be made formally. He therefore urged the court to ignore the application for adjournment.

He said, if the court is mindful to grant an adjournment, “I urged the court to direct FBN Holdings’ counsel to make an undertaken that the AGM will not hold or take place until the applications before the court are being determined.

Justice Aluko in a short ruling, held that “the order of the court should be respected, that is what i ordered.

“The interim order made on August 13, 2024, remain intact pending the hearing of all applications and pending the determination of all issues before the court.”

Further hearing of the matter has been adjourned to August 29.