First Bank Holdings Affirms AGM, Assures Customers

First Bank Holdings Plc, the parent company of First Bank Nigeria, FBN says it will go ahead to implement resolutions taken from its recent Annual General Meeting, AGM, held on June 20.

The Nnamdi Okonkwo-led FBN Holdings was reacting to reports that Justice Akintayo Aluko of the Federal High Court, Lagos made a restraining order that the 10the AGM should not hold.

Justice Aluko was said to have granted the order following a suit filed by Olusegun Onagoruwa, a shareholder of First Bank Holding Plc.

Named in the suit are First Bank Holdings Plc, Alhaji Ahmed Abdullahi, Chairman of the Board of Directors, Mr. Julius Omodayo-Owotuga, Non-Executive Director and Mr. Nnamdi Okonkwo, Group Managing Director.

But in a statement signed by FBN Holdings acting Company Secretary Adewale Arogundade, the corporation said the AGM was validly held in line with regulatory guidelines.

The statement said; “In accordance with Nigerian Exchange Limited (NGX) rulebook, we hereby notify NGX and the investing public that our attention has been drawn to an online publication dated July 17, 2022 stating that the Federal High Court sitting in Lagos, Nigeria, has granted an ex parte Order against FBN Holdings Plc and some other respondents.

FBN Holdings Plc remained unaware of any lawsuit or court order against it until about 3pm today (Tuesday) when a copy of same was served on it. The exparte order essentially directs FBN Holdings and the other Respondents to maintain status quo ante bellum prevailing before FBN Holding Plc’s 10th Annual General Meeting (AGM) held on June 20, 2022 pending the hearing and final determination of the motion on notice for interlocutory injunction.

“Without prejudice to the said court order, FBN Holdings Plc confirms that the subject AGM was duly and validly held with all requisite regulatory and statutory parties in attendance.

“FBN Holdings Plc has briefed its lawyers to review the said exparte order to ensure its full representation in court on July 22, 2022 to which same was adjourned!

“We wish to reassure the investing public, our esteemed customers and other stakeholders that, we are aware of our mandate to our shareholders and will continue to work tirelessly to discharge these responsibilities in compliance with regulatory authorities in the manner expected of a Company listed on the Premium Board of NGX Exchange Limited.”