Three more shareholders of FBN Holdings Plc have urged the Federal High Court in Lagos to stop the proposed Annual General Meeting billed for November 14.
Olojede Solomon, Adebayo Abayomi and Ogundiran Adediran – the third, fourth and fifth defendants/applicants, in a fresh application, are asking the court to restrain the bank from proceeding with the virtual meeting, reports The Nation.
The defendants/applicants, in their Motion on Notice dated November 1, in suit FHC/L/CS/684/2024 filed by their lawyer Dr. Muiz Banire (SAN), are also praying for an order of injunction mandating the Director General of Securities and Exchange Commission (SEC) not to recognise the 12th AGM.
Their application comes days after another Qshareholder, Kujenya Yusuf, filed a similar application for the same reliefs.
The defendants/applicants accused Leadway Holdings Limited, the plaintiff, of working with the bank to deny other shareholders their rights by requesting a court-ordered virtual meeting.
FBN Holdings Plc, Olusegun Onagoruwa, First Bank, Hakeem Lawal-Oluwa and Yetunde Olowoyeye are the other defendants.
The defendants/applicants pray for an order of injunction mandating the SEC DG not to recognise the 12th AGM and any business, decision, step, action or resolution taken at the meeting.
They stated that Leadway Holdings, in an Originating Summons of April 26, prayed for a court-ordered AGM, contending that it had been impossible for FBN Holdings to convene an AGM due to numerous suits filed by the defendants, hence the need for the court to order the meeting.
The defendants/applicants said despite the pending case and the court adjourning till November 18 for hearing of all pending applications and the substantive Originating Summons, First Bank issued a publication on its website entitled ‘Notice of Annual General Meeting’ dated October 18 proposing to hold the AGM virtually via https://www.fbnholdings.com/agm-2024-live at 10 am.
The defendants/applicants said the plaintiff, First Bank and FBN Holdings have treated the court proceedings with contempt and are attempting to destroy the res (subject matter) of the dispute.
The defendants/applicants seek: “An order of mandatory restorative injunction reversing all steps taken in violation of the proceedings of this honourable court by the plaintiff, the first and seventh defendants in issuing a Notice of 12th Annual General Meeting and any step proposed to be taken thereafter in organising, holding and conducting any business at the said Annual General Meeting proposed to hold virtually on 14.11.2024 or any other date as may be proposed, as same is in contempt of the proceedings of this honourable Court pending in this suit.
“An order of mandatory restorative injunction setting aside and or reversing all steps and actions taken by the plaintiff, first and seventh defendants and or persons purporting to act on their instructions or statutorily putting into effect any resolutions or decisions taken at the 12th Annual General Meeting proposed to be held virtually on 14.11.2024 or any other date as may be designated, including but not limited to the entities and or persons listed in the schedule to this application, which steps and/or actions were taken during the pendency of this action in relation to issuing the Notice of 12th Annual General Meeting of the 1st Respondent and conducting any business thereat.
“An order restraining the plaintiff, the first and seventh defendants from proceeding to hold the 12th Annual General Meeting of the first defendant proposed to hold virtually in contempt of the proceedings of this honourable Court pending the determination of this suit.”
The defendants/applicants contend that the same business of increasing and raising share capital of FBN Holdings, which is why the plaintiff approached the court, has been proposed with finality to be conducted at the 12th AGM, thereby making the court a mere academic environment.
According to them, it is an attempt to foist a fait accompli on the court.
