An aggrieved shareholder of FBN Holdings has filed an application in a Federal High Court in Lagos, seeking to set aside an interim court order issued on July 29. The interim order had directed FBN Holdings to halt its annual general meeting, which took place on August 15. The shareholder’s application was presented by Kazeem Gbadamosi, who represents Mr. Sunday Aborisade.
Gbadamosi argued that the interim order was obtained through suppression of critical facts that, if presented, might have led the court to deny the application. The shareholder also requested to be joined as a party in the ongoing suit.
Justice Akintoye Aluko presided over the matter and denied FBN Holdings’ application to stay proceedings. The court clarified that filing a Notice of Appeal did not automatically result in a stay of proceedings. Justice Aluko emphasized that exceptional grounds must be established for a stay of proceedings to be granted.
The dispute revolves around a group of shareholders—Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare—who requested the court to halt FBN Holdings’ AGM pending the resolution of their case (FHC/L/CP/1575/23). Justice Nicholas Oweibo granted their request, directing FBN Holdings not to proceed with the AGM.
In response, FBN Holdings filed a Notice of Appeal at the Court of Appeal, Lagos Division, seeking a stay of proceedings and suspension of execution of the lower court’s ruling. The holding company argued that the ruling’s execution would undermine the Court of Appeal’s judgment if the appeal succeeded.
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