FBN Holdings has clarified that it hasn’t received any judicial directive preventing its 11th Annual General Meeting (AGM) set for August 15, 2023. This statement was released following a notice submitted to the Nigerian Exchange Limited on Thursday.
The company’s acting Company Secretary, Adewale Arogundade, in the notice stated, “Reports suggesting that we’ve received a court order preventing our upcoming AGM are false. As of today, we haven’t been served such an order. It’s pivotal to note that AGMs are mandatory under the law. If any legitimate order arises, we’ll duly inform regulators and the public. We assure shareholders that the AGM will proceed on August 15, 2023, and eagerly await their participation.”
However, national newspapers carried orders from the Federal High Court in Lagos that seemingly barred the financial body from conducting its 11th AGM. This order was procured through a petition by Olusegun Onagoruwa, which was directed at the bank and some of its officials, warning against any actions that would counteract the court’s order.
Earlier, some shareholders demonstrated at the bank’s main office on Monday, advocating for the AGM to continue and seeking regulatory oversight.
At the upcoming AGM, the bank aims to gain shareholder consensus to raise N150bn through a rights issue, introduce new board members including the magnate, Femi Otedola and Samson Ariyibi, among other agenda items.
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