FBN Holdings Reacts to Publication on Court Order Against its Annual General Meeting

FBN Holdings Plc has reacted to publications stating that the federal high court sitting in Lagos, Nigeria, granted an ex-parte Order against it and some other respondents.

This is contained in a disclosure on the statement to the NGX on recent publication on ‘the FBN Holdings Plc on court order against AGM held on June 20, 2022’ and signed by Adewale Arogundada, Acting Company Secretary.

The ex parte order had directed FBN Holdings and the other Respondents to maintain status quo ante bellum prevailing before FBN Holdings Plc’s 10th annual general meeting held on June 20, 2022, pending the hearing and final determination of the motion on notice for interlocutory injunction.

FBN claimed it remained unaware of any lawsuit or court order against it until about 3pm on Monday when a copy of the same was served on it.

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.

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FBN Holdings Plc remained unaware of any lawsuit or court order against it until about 3pm today. The Ex parte order essentially directs FBN Holdings and the other Respondents to maintain status quo ante bellum prevailing before FBN Holdings Plc’s 10th annual general meeting 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 lawyer to review the said ex parte 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 the 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