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Court issues notice of contempt, prohibits FBN Holdings from convening its annual general meeting


FBN Holdings Plc has been ordered by the federal high court in Lagos not to convene its Annual General Meeting (AGM), which had been scheduled for Tuesday.

The court’s order is on hold while the three First Bank shareholders who filed the substantive matter before it are heard and decided.

The court order is dated 9 August.

The judge, Nicholas Oweibo, made the order after hearing an ex-parte application moved by Muiz Banire, a senior lawyer representing the three petitioners Olojede Solomon, Adebayo, Oluwafemi Abayomi, and Ogundiran Adejare.

“That an order of Interim Injunction is hereby made restraining the Respondent (FBN Holdings Plc), whether directly by itself or indirectly through its directors, managers, officers, employees, servants, consultants, attorneys, agents, representatives, privies, however so-called, persons acting under its instructions and control, from holding or taking any step to hold, or proceeding.

with the proposed Annual General Meeting of the Respondent scheduled to hold on the 15th day of August, 2023 by virtual means pending the hearing and determination of the Motion on Notice already pending before this Honourable Court,” the court order reads.

On Monday, the court issued the warning to FBN Holdings’ Plc managing director, Nnamdi Okonkwo, in a Form 48 notice titled “Notice of consequences of disobedience to order of court” following an application by three aggrieved shareholders of First Bank, owned by FBN Holdings Plc.

“Take notice that unless you obey the directions contained in this order attached, you will be guilty of contempt of court and will be liable to be committed to prison,” the letter reads.

The lawsuit resumes Wednesday.


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