Court Sets Oct 12 to Determine Status Of First Bank AGM
The Federal High Court in Lagos will on October 12, 2023 commence proceedings to determine the status of the 11th Annual General Meeting (AGM) of First Bank Holdings Plc.
Justice Akintayo Aluko will hear arguments from counsels on whether the bank and its directors should be cited for contempt, following an earlier court order restraining the implementation of decisions reached at the 10th AGM held on June 20, 2022.
The court had stopped the appointment of Nnamdi Okonkwo as Group MD and Julius Omodayo-Owotuga as Non-Executive Director, as well as the issuance of new shares, pursuant to resolutions of the 10th AGM.
Despite an ongoing application by First Bank to discharge the order, the bank went ahead to hold its 11th AGM, purportedly implementing the halted resolutions.
This prompted the plaintiff, Olusegun Onagoruwa, an aggrieved shareholder, to commence contempt proceedings against First Bank Holdings and its directors.
Onagoruwa contends his right to fair hearing was breached as he was not served notice for the 10th AGM, making its decisions null and void.
The court will now determine if First Bank and its board should be punished for flouting the earlier order restraining implementation of the 10th AGM resolutions.
