Akin Kuponiyi
A Federal High Court sitting in Lagos South West Nigeria has adjourned till next week Wednesday, August 23, to hear various pending applications filed before the court by different factions of Shareholders of First Bank Holdings over the controlling shares of the bank.
While the bank is seeking to stay execution of the court’s order restraining it from going ahead with its Annual General Meeting that was held on Tuesday yesterday, three aggrieved Shareholders of the bank alleged that the bank held its Annual General Meeting (AGM) on Tuesday, August 15, in defiance of the order of the court restraining it from proceeding with the AGM.
Consequently, the three Shareholders filed an application seeking the order of the court to commit officials of FBN Holdings Plc to prison for alleged disobedience of the court’s order.
Justice Oweibo had on August 14 warned FBN Holdings’ Group Managing Director, Nnamdi Okonkwo, not to disobey the order restraining it from holding its AGM.
The shareholders/applicants in the suit are Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.
At the resumption of the hearing today’s proceedings, the shareholders’ lawyer, 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.
In the affidavit of fact deposed to by one Qasim Ogundirah, a litigation officer in his law firm representing the petitioners, it was stated that on the 8th day of August 2023, the petitioners instituted the suit by filing a petition together with a summons ex-parte for leave of court to be heard during vacation.
The deponent stated that the court granted the petitioners summons ex-parte for leave to be heard during vacation, as well as the motion ex-parte for an interim injunction against the respondent.
“I am aware that this Honourable Court, on the 9th day of August 2023, heard and consequently, the court granted the petitioner’s motion ex-parte thereby restraining the respondent from holding the Annual General Meeting scheduled to hold on the 15th day of August 2023.
“Upon the granting of the said order the Court adjourned the matter to the 16th day of August 2023 today for the hearing of the petitioners’ motion on notice.
“The court’s order was served by the bailiff of the court on the respondent on the 11th day of August 2023. The respondent, by a publication issued to the general public, arrogantly announced its decision to proceed with the said AGM notwithstanding the subsisting order of the court.
“In total disregard for the proceedings, complete defiance of the order of this honourable Court and notwithstanding its awareness of same, the respondent, on the 15th day of August 2023, did go ahead to hold the said AGM, the rest of this proceedings”, the deponent said.
However, FBN Holdings’ lawyer, Mutalubi Ojo Adebayo (SAN), informed the court that he has filed a motion seeking a stay of execution of the order.
The firm said it had equally appealed against the ruling. In the motion, FBN Holdings is seeking “an order of court staying and/or suspending execution of the ruling delivered on the 9th of August, 2023 in this suit pending the hearing and consequent determination of the Appeal filed at the Court of Appeal.
Barrister Ebu-Olu Adegboruwa, SAN appeared in court and informed the court that he has filed a motion for joinder as co-plaintiff to ventilate the right of his client who had a similar complaint
The presiding Judge, Nicholas Oweibo, after listening to the counsels of all the parties adjourned till 23rd August 2023 to hear all the pending applications