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Headline : Court Blocks First Bank’s Extraordinary General Meeting Again

Read more from the original article on here at businesspost.ng.




Tags : #court #blocks #first #banks #extraordinary #general #meeting #again


No. of Paragraph 13

Plans by First Bank of Nigeria to hold an extraordinary general meeting (EGM) to vote on a decision to raise N300 billion has hit another snag as a Federal High Court maintained an earlier decision on Wednesday.

In July 2022, the court barred FBN Holdings, the parent company of First Bank, from holding any annual general meeting until the conclusion of a suit filed by a shareholder, Mr Olusegun Onagoruwa, in 2021.

On April 17, Mr Onagoruwa’s lawyers asked the court to stop First Bank from holding an EGM initially scheduled for April 30.

On Wednesday, April 24, 2024, Justice Akintayo Aluko ruled that the 2022 ruling is maintained, meaning the meeting can’t be held anytime soon and the move to agree to raise fresh capital has now been put on hold again.

Read more from the original article on here at businesspost.ng.


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