The NGX has asked the court to allow its Annual General Meeting (AGM) to take place and that resolutions passed are valid and lawful, and restrain some of the shareholders from interfering with the validity of the AGM.
The Suit No. FHC//CS/ 1808/2002 is between “Nigeran Exchange Group versus Mr. Olajuwon Olayinka, Idris Ibironke, Bamidele Olawoye, and All Members Of The Class Of Shareholders Of Nigerian Exchange Group Plc Represented By And Having The Same Interests As The 1st And 2nd Defendants” and is pending before the Hon. Justice T.G Ringim, sitting at the Lagos Division of the Federal High Court. Oyinkan Abayomi Drive, Ikoyi Lagos.
The Suit read ” A DECLARATION that the Notice of the 61st Annual General Meeting of Nigerian Exchange Group Pic. (The Plaintiff Company) dated the 7th September 2022 by Mojisola Adesola, Company Secretary/Head of Compliance is lawful and validly issued and in accordance with all extant laws, regulations, and the Memorandum and Articles of Association (MEMART) of Nigerian Exchange Group PIc. dated 15th September 1960 as amended by a special resolution passed on the 3rd of March, 2020.
” A DECLARATION that any and all Resolutions passed at the Annual General Meeting of the Nigerian Exchange Group Plc. consequent upon the said Notice of the 61st Annual General Meeting of Nigerian Exchange Group Plc. and issued by Mojisola Adesola, Company Secretary/ Head of Compliance on 7th September 2022 are lawful and validly made having been made in accordance with all extant laws, regulations and the Memorandum and Articles of Association (MEMART) of Nigerian Exchange Group Pc. dated 15th September 1960 as amended by a Special Resolution passed on the 3rd of March, 2020.
” AN ORDER Restraining the Defendants individually and severally from interfering with the validity of the Notice of the 61st Annual General Meeting of Nigerian Exchange Group PIc. dated the 7th September 2022 by Mojisola Adesola, Company Secretary/Head of Compliance ON 7TH September 2022 and the Resolutions”.
Meanwhile, some of the shareholders applied for an interlocutory injunction in suit No. FHC/L/CS 1808/2002-Nigerian Exchange Group vs Olajuwon Olyinka Idris & Anor-pending before the Hon. Justice T.G Ringim, sitting at the Lagos Division of the Federal High Court, Oyinkan Abayomi Drive, Ikoyi Lagos.
The Shareholders’ Suit said “AN ORDER of interlocutory injunction restraining the Ist-13th Respondents hereto from assembling for presiding over, participating in, in any way holding or directing affairs of the 61st Annual General Meeting of the Ist Respondent scheduled to bold on Friday. 30d September 2022, notice of which was given by “NOTICE OF SIXTY- FIRST ANNUAL GENERAL MEETING” dated 7th September 2022, pending the hearing and determination of this Suit;
” AN ORDER of interlocutory injunction restraining the 3rd, 4th, 6th, Lot. 11th, 12th, 14th, and 15th Defendants by Counterclaim or any person(s) appointed by the 2nd – 12th Respondent to act in their stead as a proxy to any shareholder, from acting and/or accepting to act as a proxy of any shareholder pursuant to the Ist Respondent’s “NOTICE OF SIXTY- FIRST ANNUAL GENERAL MEETING dated 7th September 2022, pending the hearing and determination of this Suit:
” Such further or other order as this Honourable Court may consider fit to make in the circumstances of this case NGX Group Plc and its Board of Directors have been served with all processes in Suit No FHC/L/CS/ 1808/2022, including the application for an injunction, and are therefore fully aware of the prayers produced above.”
NewsBeatng reports that the squabble between the NGX Board and its shareholders is bad for the stock market which has seen stocks fall below the 50,000 points it hit earlier in the year.
