Legal Battle Unfolds: Federal High Court to Determine Fate of First Bank Holdings’ AGM

The Federal High Court in Lagos is set to commence proceedings to decide the fate of the 11th Annual General Meeting (AGM) of First Bank Holdings Plc.

The hearing, scheduled for Thursday, will see Justice Akintayo Aluko presiding over arguments from both sides. The plaintiff has sought contempt proceedings against the company and its board of directors.

This legal clash traces back to a court order issued on July 15, 2022, which halted First Bank Holdings Plc from implementing decisions made during its 10th AGM held on June 20, 2022, at the Oriental Hotel, Lagos.

First Bank Holdings Plc, the parent company of First Bank of Nigeria Plc, is at the center of this dispute. The respondents in the case include the Chairman of the Board of Directors, Alhaji Ahmed Abdullahi; Non-Executive Director, Mr. Julius Omodayo-Owotuga; and Group Managing Director, Mr. Nnamdi Okonkwo.

This legal battle underscores the significance of corporate governance and regulatory compliance in Nigeria’s financial sector.

The outcome of this case will not only affect First Bank Holdings but also set a precedent for similar disputes in the country’s financial landscape.

All eyes are on the courtroom as it prepares to make a decision that will reverberate through Nigeria’s banking industry.