Justice Akintayo Aluko of the Lagos Federal High Court has reinstated an order prohibiting FBN Holdings from holding its 12th Annual General Meeting (AGM) until the court resolves a motion for an interlocutory injunction filed by Tohir Folorunsho Ismaila, an aggrieved shareholder.
The reinstatement was prompted by FBN Holdings‘ failure to respond to the suit as directed by the court. Previously, on August 13, 2024, Justice Aluko had granted an ex-parte motion to restrain FBN Holdings from proceeding with its AGM scheduled for August 22, 2024. This motion was filed by Professor Taiwo Osipitan (SAN), along with Mrs. Olayemi Badewole (SAN) and Adetola Ogunlewe Esq., representing the petitioner Ismaila.
In the case marked FHC/L/CP/1428/2024, the court issued an interim injunction that restrained FBN Holdings, its directors, secretary, or agents from holding the AGM through any medium until the petitioner’s motion for an interlocutory injunction was decided. Furthermore, FBN Holdings was prohibited from passing any resolutions at the AGM or issuing notices for any general meetings until the motion on notice is resolved.
The judge had scheduled August 22 for hearing the petitioner’s interlocutory injunction motion alongside FBN Holdings’ counter-petition and preliminary objections. At the hearing, Professor Osipitan informed the court that both parties were prepared to proceed.
FBN Holdings’ counsel, Babajide Koku (SAN), argued that his client was still within the time allowed to file responses and requested an adjournment, noting that the urgency of the matter had decreased since the AGM had been postponed to September 3, 2024. Professor Osipitan opposed the adjournment but requested that if granted, FBN Holdings should formally commit to not holding the AGM until the court has addressed the pending motions.
Justice Aluko upheld the interim order issued on August 13, 2024, until all applications are resolved and adjourned the case to August 29, 2024, for further hearing.
