The Federal High Court in Lagos has issued a restraining order against First Bank Nigeria (FBN) Holdings Plc, preventing the company from holding its 12th Annual General Meeting (AGM) scheduled for August 22, 2024.

The decision was made by Justice Akintayo Aluko on August 13, 2024, following an ex parte motion filed by Tohir Folorunsho Ismaila, a shareholder who is contesting the legality of the AGM.

The injunction, granted pending the determination of a motion for interlocutory injunction filed by the petitioner, bars FBN Holdings from hosting the AGM, whether virtually or in person. The court order also prohibits the company from passing any resolutions during the meeting or sending out notices for any general meeting.

The case, marked FHC/L/CP/1428/2024, lists FBN Holdings as the sole respondent. The petitioner, represented by Prof Taiwo Osipitan (SAN) and his legal team, has raised concerns about what he describes as “illegal and oppressive actions” by FBN Holdings that have adversely impacted his rights and interests as a shareholder.

Justice Aluko has adjourned the matter to August 23, 2024, for further hearing.