Federal High Court Adjourns First Bank Holdings Shareholder Suit

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Justice Akintayo Aluko of the Federal High Court in Lagos has indefinitely adjourned the suit filed by shareholder Olusegun Samuel Onagoruwa against First Bank Holdings. Onagoruwa sought to halt the bank’s Annual General Meeting (AGM).

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The adjournment aims to await the Lagos Division of the Court of Appeal’s decision on an appeal filed by the Central Bank of Nigeria (CBN) seeking to join the suit as an interested party.

Onagoruwa’s application, seeking to stop the now-cancelled Extraordinary General Meeting of FBN Holdings initially scheduled for April 30, is yet to be heard before the indefinite adjournment.

In the application, Onagoruwa seeks an order restraining First Bank Holdings and its board of directors from conducting the scheduled meeting pending the hearing and determination of the substantive action.

Counsel for the defendants, Fred Onuobia (SAN), mentioned applications challenging the court’s jurisdiction, setting aside the ex-parte order, and a contempt application against the defendants for hearing.

CBN’s lawyer, Olumide Adebowale, urged the court to stay all proceedings based on the pending appeal against the court’s ruling, which refused to join his client as a party.

Adesoji Adedoyin, counsel for the petitioner, opposed the submission, citing contempt proceedings against all defendants related to alleged disobedience of a court order.

Justice Aluko ruled that since an appeal is pending, further proceedings should be stayed awaiting the Court of Appeal’s decision. The case was adjourned indefinitely.


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