Some shareholders of First Bank Nigeria Holding Plc have staged a protest against the move to stop the forthcoming Annual General Meeting of the firm.
The move to stop the AGM scheduled to hold on August 15, 2023 was premised on a petition by Olusegun Samuel Onagoruwa.
The shareholders group under the aegis of Trustee Shareholders Association of Nigeria on Monday staged a protest at the First Bank’s Head Office in Lagos.
The Chairman of Trustee Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, who spoke on behalf of the minority shareholders, said: “We are at FBN Holdings Head Office to register our displeasure of the attempt by some shareholders to prevent AGM of the Holdings and also preventing them for getting approval from shareholders to take critical resolutions meant for the interest of the bank.
“These people have approached the court and they wanted FBN Holdings not to raise capital as other banks are doing right now.
“Again, they are trying to suspend the AGM not to allow shareholders vote and decide the fate of new directors in the bank.
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“These are people that are holding the oldest financial institution in Nigeria to ransom.
“This is very unfortunate and we shareholders are against it.
“Those that went to court know it is illegal as we know AGMs are statutory and nobody can stop it.”
The petition by Onagoruwa, upon which the order was obtained in suit No: FHC/L/CP/1271/2022, said: “Take notice that unless you obey the directives in the Judicial Order contained in the Order made on the 15th July, 2022 by the Federal High Court, Lagos, by refraining from proceeding with the 11th Annual General Meeting of FBN Holdings Limited proposed for 15th August 2023 from seeking approval to issue or raise share capital in any manner whatsoever, from appointing or confirming the appointment of new directors, or in any other manner taking any step towards implementing, actualising enforcing resolution of the 10th Annual General Meeting of FBN Holdings Plc held on 20th June 2022 or in any other manner overreaching, disobeying or undermining the said Order of court, you will be guilty of contempt of court and you will be liable to be committed to prison and to there imprisoned.”