‘Our 10th AGM Is Valid’ – FBN Holdings Reacts To ‘Court Order’ Against Its Meeting

FBH Holdings Plc has reacted to a court injunction restraining it from implementing decisions taken at its 10th Annual General Meeting (AGM) held recently in Lagos.

According to reports, Justice Akintayo Aluko of the Federal High Court, Lagos, on Friday, granted an order directing FBH Holdings Plc and other respondents to maintain the status quo ante bellum prevailing before the AGM was held on June 20, 2022.

Justice Aluko reportedly granted the order following a suit filed by Olusegun Onagoruwa, a shareholder of First Bank Holding Plc.

But in a statement signed by Adewale Arogundade, acting Company Secretary of FBN Holdings, sent to the Nigerian Exchange Limited (NGX Group) on Monday, the company said that the “AGM was duly and validly held with all requisite regulatory and statutory parties in attendance.”

Read the full statement below:

In accordance with Nigerian Exchange Limited (NGX) rulebook, we hereby notify NGX and the investing public that our attention has been drawn to an online publication dated July 17, 2022 stating that the Federal High Court sitting in Lagos, Nigeria, has granted an ex parte Order against FBN Holdings Plc and some other respondents.

FBN Holdings Plc remained unaware of any lawsuit or court order against it until about 3pm today (Tuesday) when a copy of same was served on it. The exparte order essentially directs FBN Holdings and the other Respondents to maintain status quo ante bellum prevailing before FBN Holding Plc’s 10th Annual General Meeting (AGM) held on June 20, 2022 pending the hearing and final determination of the motion on notice for interlocutory injunction.

Without prejudice to the said court order, FBN Holdings Plc confirms that the subject AGM was duly and validly held with all requisite regulatory and statutory parties in attendance.

FBN Holdings Plc has briefed its lawyers to review the said exparte order to ensure its full representation in court on July 22, 2022 to which same was adjourned!

We wish to reassure the investing public, our esteemed customers and other stakeholders that, we are aware of our mandate to our shareholders and will continue to work tirelessly to discharge these responsibilities in compliance with regulatory authorities in the manner expected of a Company listed on the Premium Board of NGX Exchange Limited.