FBN Holdings Plc AGM Will Continue Despite Court Proceedings

FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, has announced that despite the ex parte order of temporary injunction by the Federal High Court in Lagos, it would hold its Annual General Meeting (AGM) on August 15, 2023.

FBN first denied getting a court injunction preventing it from having the Annual General Meeting (AGM) set for August 15, 2023, and stated that the AGM will take place as planned.

The company announced this in a statement released on August 14, 2023, and signed by its firm Secretary, Seye Kosoko, in a statement filed on the Exchange.

According to the statement, the firm was issued with the court order on August 11, 2023, following a suit brought by three shareholders who wanted to prevent the company from conducting the AGM.

Also, the company's lawyers filed and served on the petitioners the proper processes and notice of appeal opposing the court ruling and demanding that it be set aside, as well as the whole proceedings.

The company also claimed that it thinks it can and is proceeding with the AGM, which is a statutory meeting, in conformity with the applicable rules and regulations.

What the Statement Said,

• “In accordance with Nigerian Exchange Limited (Rulebook), and further to our announcement on August 10, 2023, that the Company was yet to be served with any Court Order, we hereby notify the Public and our Stakeholders that FBN Holdings Plc (“the Company”) 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. This was via Suit No. FHC/L/CS/1575/23 – In the Matter of Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi and Ogundiran Emmanuel Adejare vs. FBN Holdings Plc.

• 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 earlier scheduled.

Check the full details here in the press release.

With the statement, the Company believes it will be able to continue with the AGM (statutory meeting) set for August 15, 2023.

The AGM will be held in compliance with existing rules and regulations, and the Company will continue to take all necessary procedures to pursue its appeal against the exparte interim decision in order to secure its vacation as well as the dismissal of the proceedings in their entirety.