THREE shareholders of FBN Holdings Plc have asked Justice Nicholas Oweibo of a Federal High Court sitting in Lagos to commit to prison top officials of the financial institution following alleged contempt of court.
The shareholders, including Olojede Adewole Solomon, Adebayo Oluwafemi Abayomiband Ogundiran Emmanuel Adejare, in the suit with identification number FHC/L/CP/1575/23, are alleging that the FBN Holdings Plc held its Annual General Meeting (AGM) on Tuesday, 15 August despite an order of court specifically restraining it from proceeding with the AGM.
Justice Nicholas Oweibo had on 14 August warned FBN Holdings’ Group Managing Director, Nnamdi Okonkwo, not to disobey the order restraining it from holding its AGM.
At the resumption of proceedings Wednesday, counsel to the Plaintiffs Dr. Muiz Banire (SAN) informed the court that the defendants were “in flagrant disobedience” of the court order.
He said an affidavit of facts, stating the particulars of the disobedience had been filed.
But FBN’s counsel Mutalubi Ojo Adebayo (SAN) informed the court that he had filed a motion seeking to discharge the order.
Adebayo, a former Oyo State Attorney-General and Commissioner for Justice, prayed the court for an adjournment.
Another counsel, Ebu-Olu Adegboruwa (SAN) also filed a motion for joinder as co-plaintiff to ventilate the right of his client who had a similar complaint.
Justice Oweibo adjourned till Wednesday 23rd of August for hearing of the motion for disobedience.
Attached to the petitioners’ affidavit is a 14th August notice purportedly signed by FBN’s Acting Company Secretary Adewale Arogundade explaining why the company went ahead with the AGM.
The letter was titled “Notification on Conduct of Annual General Meeting of FBN Holdings Plc.”
It notified the public and the firm’s stakeholders that FBN Holdings Plc was served with an ex parte order of interim Injunction on Friday, 11th August 2023, restraining it from proceeding with the proposed Annual General Meeting (AGM) as scheduled for 15th August 2023.
FBN added: “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 the way for the AGM to proceed on 15th August 2023, as earlier scheduled, Including but not limited to: “A Notice of Appeal against the decision of the Federal High Court to grant the ex-parte order;
“A Motion on Notice for an order to stay and/or suspend the execution of the ex-parte order as well as to stay further proceedings In the suit pending the hearing and consequent determination of the appeal filed at the Court of Appeal.
“In the light of the foregoing, the company believes that It can proceed and Is Indeed proceeding with the AGM (which is a statutory meeting) as scheduled on 15th August 2023.
“The AGM shall be conducted in accordance with the applicable laws and regulations, and the company will continue to take all legal steps to prosecute its appeal against the ex parte interim order with a view to securing its vacation as well as the setting aside of the proceedings in its entirety.”
Eighteen-Eleven Media