FBN Holdings Plc, owners of First Bank Nigeria Limited has asked a Federal High Court sitting in Lagos to stay execution of the ex-parte order restraining it from holding it’s Annual General Meeting and to stay further proceedings in the matter.
Justice Nicholas 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 agreived shareholders in the suit marked FHC/L/CP/1575/23, are Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.
At the resumed hearing of the matter, today lawyer to the Petitioners, Dr. Muiz Banire SAN informed the court that the ex-parte order of the court restraining FBN Holdings Plc from holding its Annual General Meeting (AGM) scheduled to hold yesterday, August 15th 2023 had been flouted.
He told that court that the Respondent (FBN Holdings) despite been served with the court order by the bailiff of the court, arrogantly announced its decision to proceed with the said AGM notwithstanding the subsisting order of the court.
However, counsel to the FBN Holdings, Mutalubi Adebayo,SAN, informed the court of Respondent’s application dated August 14, 2023 praying the court to stay execution of the ex-parte order, and also further proceedings in the matter.
Adebayo, a former Attorney-General and Commission for justice, Oyo State told the court that petitioners have been served with the application to stay the execution of the order of court as well as stay proceedings in the entire matter.
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.
Consequent upon the submissions of counsels , Justice Oweibo directed parties to file all necessary processes and adjournment the matter to Wednesday 23rd of August for hearing of all pending applications.
FBN Holdings in its application is seeking for “An order of Court staying and/or suspending execution of the Ruling delivered by the lower Court on the 9th of August 2023 pending the hearing and consequent determination of the Appeal filed at the Court of Appeal.
“An order of this Court staying further proceedings in the suit pending the hearing and consequent determination of the Appeal filed at the Court of Appeal against the ruling of the Court delivered on the 9th of August, 2023.
In a Motion on Notice brought pursuant to order 32 Rule 1 of the Federal High Court (Civil Procedure Rules 2019 and under the Inherent Jurisdiction the court, the Respondent stated that it has filed Notice of Appeal against the Ruling of the Court delivered on the 9th of August 2023.
It’s stated that the execution of the Ruling of the Court by the Petitioner/Respondent will render nugatory the decision of the Court of Appeal and also destroy the Res (subject matter) if suspension of execution was not granted.
“If the Ruling of this honourable Court is enforced, the Applicant would ultimately be left with an irreversibly empty victory in the event of the success of the appeal”, the Respondent stated.
Meanwhile, in an Affidavit of Fact deposed to by one Quasim Ogundirah, a litigation officer in the law firm representing the Petitioners, he 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.
He 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 interim injunction against the Respondent.
“I am aware that this honourable Court, on the 9th day of August, 2023, heard and granted the Petitioners’ 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 grant of the said ex-parte application, this honourable Court adjourned the matter to the 16th day of August, 2023 for the hearing of the Petitioners’ Motion on Notice.
He further stated that the order of the Court was served, by the bailiff of the Court, on the Respondent on the 11th day of August, 2023.
He added that the Respondent, by a publication issued to the general public, contemciously and 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 went ahead to hold the said AGM, the Res of this proceedings”.
