A federal excessive courtroom in Lagos has vacated a go well with searching for to forestall the twelfth annual basic assembly (AGM) of FBN Holdings, saying it lacks the jurisdiction to entertain the lawsuit, which has develop into “a tutorial train”.
Based on the courtroom, a go well with turns into educational when the questions positioned earlier than it for willpower are not stay points in the subject material of the go well with as a result of it’s spent and the profitable celebration can’t get hold of any proper or profit.
The lawsuit was filed by Tohir Folorunsho Ismaila, an aggrieved shareholder (the petitioner/respondent), in opposition to FBN Holdings (respondent/applicant), in accordance with courtroom paperwork dated September 12 seen by TheCable.
In earlier rulings on the matter, the courtroom, presided over by Akintayo Aluko, a decide, granted two interim orders restraining the agency from holding the AGM pending the willpower of the go well with.
Nevertheless, Ismaila approached the courtroom by way of a petition dated August 9, difficult the unlawful and discriminatory actions of FBN Holdings, which he claimed immediately affected his rights and pursuits as a shareholder.
Amongst different points in his petition, he accused the respondent of planning to carry a digital AGM at a non-disclosed venue on August 22, faulting the process of calling for the assembly.
The petitioner additionally raised considerations on whether or not the twelfth AGM was correctly convened on the order of the board of administrators within the “face of allegation that they weren’t lawfully appointed as administrators”.
“It’s about whether or not individuals whose directorships are being questioned are entitled to sit down and plot the affairs of the twelfth Annual Basic Assembly,” Ismaila stated.
He stated the proposed digital assembly is orchestrated by those that “management the affairs of the respondent purposely to discriminate in opposition to, oppress the minority shareholders’, praying the courtroom to grant a restraining order to cease the financial institution from holding the occasion.
Nevertheless, in its preliminary objection filed by Babajide Koku, its lawyer, FBN Holdings stated the crux of the petition earlier than the courtroom (the twelfth AGM) has been cancelled, due to this fact the reliefs sought by the petitioner have develop into otiose.
Koku stated no incorrect has manifested that requires a treatment, therefore there may be nothing earlier than the courtroom for willpower.
In his ruling, Deinde Dipeolu, the decide, agreed with FBN Holdings and held that the financial institution had contended in its submissions that no AGM was scheduled for August 22, including that the occasion, rescheduled for September 3, has additionally been cancelled.
“The discover of Cancellation of the twelfth Annual Basic Assembly has been posted on the Nigerian Change (NGX) Portal on twenty sixth August, 2024 and printed within the Punch Newspaper and Management Newspaper of twenty seventh August, 2024. The stated copies of the publication on the NGX Portal, Punch newspaper and Management Newspaper and letter of cancellation of the assembly are exhibited as POT, PO2, PO3 and PO4 respectively,” the Dipeolu.
“Within the on the spot go well with, the Discovered Silk for the Respondent has vehemently maintained that the Petition earlier than this go well with has outlived its usefulness and as such has develop into educational, which I agree with.
“In mild of all the foregoing, this Courtroom now lacks the jurisdiction to entertain this go well with as it’s at present constituted.”
Dipeolu stated the courtroom doesn’t have the freedom to embark on a tutorial discovery.
OTUDEKO’S INVISIBLE HAND IN FBN HOLDINGS’ AGM CONTROVERSIES
TheCable understands that the petitioner is related to the funding camp of Oba Otudeko, a businessman and former chairman of FBN Holdings.
Otudeko is alleged to be making surreptitious strikes by proxies to forestall the financial institution’s AGMs in a determined bid to regain management from Femi Otedola, its present chairman.
On August 11, 2023, controversy had trailed the eleventh AGM of the holding firm after a federal excessive courtroom in Lagos restrained the monetary establishment from organising the assembly.
The go well with was filed by three stakeholders of the corporate particularly; Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.
Earlier than this, a separate group of stakeholders was stated to have secured a courtroom order in July final yr, restraining the corporate from holding the AGM.
The difficulty pressured some shareholders who have been in opposition to the courtroom order to protest on the head workplace of the corporate in Marina, Lagos.
Through the demonstration, the protesters carried placards with the inscriptions: ‘Oba Otudeko, First Financial institution just isn’t your property, and ‘First Financial institution is Higher than you, Otudeko’.
The shareholders alleged that Otudeko was behind the plan to halt the corporate’s AGM.
