A group of shareholders of FBN Holding Plc (FBNH) staged a protest against a court injunction that suspended the 11th Annual General Meeting (AGM) of the financial institution.

The AGM was intended to discuss management’s proposals for raising fresh capital and appointing new directors.

In Lagos, shareholders expressed their dissatisfaction with the move to halt the AGM through legal means, emphasizing that AGMs are mandatory gatherings that should not be obstructed….CONTINUE READING

FBNH’s management aims to augment its issued share capital from 17.95 billion ordinary shares of 50 kobo each to 22.43 billion ordinary shares of 50 kobo each.

The management is also seeking approval from shareholders for a right issue to raise fresh capital and the creation of 8.974 billion ordinary shares at 50 kobo each.

A petition from Olusegun Samuel Onagoruwa led to the court order in suit No: FHC/L/CP/1271/2022, addressed to the chairman of FBN Holdings, Nnamdi Okonkwo.

The petition stressed that the court’s order should be observed, preventing the AGM’s proceedings, any share capital issuance or increase, the appointment of new directors, or any actions that undermine the resolutions of the 10th Annual General Meeting held on June 20, 2022. Disregarding the order could lead to contempt of court.

Alhaji Mukhtar Mukhtar, Chairman of Trusted Shareholders Association of Nigeria, spoke on behalf of minority shareholders.

He conveyed their discontent over attempts to obstruct the AGM and prevent the passing of resolutions. He emphasized the shareholders’ desire for the AGM to proceed and for resolutions to be enacted.