FBN Holdings denies receiving court order, says AGM to go as planned

FBN Holdings Plc have denied receiving a court order stopping it from holding the Annual General Meeting (AGM) scheduled for August 15, 2023, and says the AGM would go as scheduled.

The company disclosed this via an official statement signed by Company Secretary, Adewale Arogundade, which was sent to Nigeria Exchange Limited.

According to the company, they haven’t been served any court order to stop the AGM from holding.

Here’s an excerpt from the official statement:

• “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports purporting that the Company has received a Court Order stopping it from holding the Annual General Meeting (AGM) scheduled for August 15, 2023.”
• “We confirm that this assertion is a false narrative as the Company has, as at the date hereof, not been served with any court order to stop the forthcoming AGM.”

The company also noted that if there was any restraining order to stop the AGM from holding, that they would have informed regulators and the investing public. They assured Shareholders that the AGM would hold on August 15, 2023.

• “Suffice to mention that the AGM is a statutory meeting of Shareholders that must be held in with the law, further to which the Company will notify the regulators and the public as appropriate if there is any lawful order to restrain the Company from conducting same.”
• “We hereby assure our esteemed Shareholders that the AGM shall hold on August 15, 2023, and we look forward to their attendance and active participation at the meeting.”

What you should know

Some minority shareholders of FBN Holdings Plc had on Monday, August 7^th protested against a court order suspending the 11th Annual General Meeting (AGM) of the financial institution.

The disgruntled shareholders decried the move by some individuals to use the court to stop the AGM, noting that AGMs are statutory meetings that cannot be stopped from holding.

Chairman of the Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, while speaking on behalf of other minority shareholders, noted that shareholders are not happy that some individuals are trying to hold the financial institution to ransom.

He added:

• “We are here to register our displeasure, discontent, our disapproval, and rejection of the attempt by some shareholders to prevent the AGM of FBN from being held and thereby preventing some resolutions from being passed. We want the AGM to proceed, and the resolutions passed.