16th August, 2023
By Akin Kuponiyi
A Federal High Court sitting in Lagos has adjourned till August 23 to hear various applications filed before it by different factions of Shareholders of First bank Holdings over the controlling shares of the bank.
The bank is seeking to stay execution of the court’s order restraining it from going ahead with the Annual General Meeting, AGM which it had already held yesterday.
On the other hand, three shareholders of the bank alleged that the AGM was held in defiance of the order of the court restraining it from holding it.
Consequently, the shareholders filed an application seeking the order of the court to commit officials of FBN Holdings Plc to prison for alleged disobedience of court’s order.
Justice Oweibo had on August 14 warned FBN Holdings’ Group Managing Director, Nnamdi Okonkwo, not to disobey the order restraining the bank from holding the AGM.
The shareholders/applicants in the suit are Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.
At resumption of the hearing on Wednesday, 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, Quasim Ogundirah, the petitioners noted that the court had on the 9th day of August, 2023 restrained the respondent from holding the Annual General Meeting it scheduled for 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 res 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 lodged an appeal against the ruling.
In the motion, FBN Holdings is seeking for “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 counsels of all the parties adjourned till 23rd August 2023 to hear all the pending applications