The scheduled hearing of all pending applications filed in the suit instituted before a Lagos Federal High Court, by Leadway Holdings, a majority Shareholder of  FBN Holdings, on Extraordinary General Meeting (EGM) of FBN Holdings, on Thursday, was stalled due to a fresh application for joinder by another shareholder.

Consequently, the presiding judge, Justice Yelim Bogoro, has adjourned the hearing of all applications in the suit, to July 10, 2024.

It would be recall that FBN Holdings had fixed April 30, 2024, to hol it’s EGM. But the EGM was cancelled following series of litigations filed by aggrieved shareholders.

Some of the suits were still pending before Justice Chukwujekwu Aneke, Justice Akintayo Aluko and the current one before Justice Bogoro, all in Lagos division of the Federal High Court.

At the resumed hearing of the matter before Justice Bogoro on Thursday, another aggrieved Shareholder of the FBN Holdings, represented by Lukman Fagbemi (SAN).

Fagbemi informed the court that he has filed his client’s application for joinder, and same has been served on the plaintiff (Leadway Holdings).

Counsel to the plaintiff, Mrs. O. Ogunrinde, who stood in for Professor Kanyinsola Ajayi (SAN), admitted being served with the new joinder’s application.

She told the court that the application was served on May 21, 2024, and she is not opposing same.

Upon Plaintiff’s counsel admission of being served with the application to join, Fagbemi moved in terms of the said motion paper and urged the court to grant same. And same was granted by the court.

However, effort by the plaintiff’s counsel to move the originating motion in the suit was met with strong resistance from other parties’ counsel in the suit.

In opposing the hearing of Leadway Holdings’ originating motion, Mr. Ebun-Olu Adegboruwa (SAN), counsel to the second defendant in the suit, informed the court that his motion for the Preliminary Objection dated April 29, 2024, challenging the court’s jurisdiction is ripe for hearing.

He also stated that the plaintiff’s application to consolidate his client’s application for substantive summon, will overreach his client’s prayers. Adding that the Plaintiff has joined issues with his client by filing a counter.

He further informed the court that he is yet to be served with the new joinder’s application, and did not know the case of the party that sought to be join in the suit. This he said can only be known, when he is being served with the application to know the effect on his case.

Adegboruwa therefore urged the court to proceed to hear his client’s preliminary objection.

In the same vein, Dr. Muiz Banire and Olumide Fisuka both SAN, who were counsel to the third to fifth defendants in the suit, aligned themselves with Adegboruwa’s submissions.

Banire particularly told the court that all parties that sought to be joined in the suit must be included in the Plaintiff’s originating summon.

He said without reflecting the names of all parties that sought to be join in the originating summons, renders all applications incompetent.

He therefore asked the court for a clear date to hear all the applications.

In his submission, Kunle Adegoke (SAN) counsel to another aggrieved Shareholder in the suit, while citing Supreme Court’s authority, argued that by the provision of the law, unless the court ordered otherwise, the wisdom of the court is impeccable.

Adegboruwa, also told the court that prior to the Thursday’s hearing, parties have been meeting to find an amicable settlement of the matter. Adding that parties intend to explore that further.

He therefore asked the court for further date to explore settlement and report back to court. 

On his side, counsel to the eighth defendant in the suit, Mr. Wahab Shittu (SAN) said that in compliance with court order, he had filed his processes dated May 2, 2024.

He also aligned himself with Adegboruwa’s request for the adjournment of the matter, to enable parties to do the needful.

On the issue of amending the originating summons, plaintiff’s counsel, Mrs. Ogunrinde, said she has taken account of the  submissions made by all counsel.

Justice Bogoro, after listening to all counsel in the suit, adjourned the case to July 10, for trial or possible report of settlement.

A majority shareholder, Leadway Holdings Limited, had dragged FBN Holdings Plc before the court in a suit marked FHC/L/CS/684/24, for some reliefs to sanction the Holdings EGM.

One of the reliefs sought by the Leadway Holdings against FBN Holdings Plc is “an order directing the Company Secretary of the Defendant to, within 14 days from the date of the order of this honourable Court, call, hold and conduct a meeting of the Defendant for the purpose of considering, and if thought fit, approving a resolution to increase the share capital of the Defendant and raise capital up to the tune of the increased share capital is sufficient to enable the defendant to meet its obligation to ensure that its subsidiary First Bank of Nigeria Limited (the Bank”), complies with the applicable minimum capital requirement specified in Central Bank of Nigeria (“CBN”) Circular No. FPR/DIR/PUB/CIR 002/009 titled “Review of Minimum Capital Requirement for Commercial, merchant, and Non-Interest Banks in Nigeria”, in such manner, and on such terms and conditions, as may be specified the members of the Defendant.”

Those that sought to be joined in the suit are: Samuel Onagoruwa; Kujenya Olayiwola Yusuf; Olojede Adewole Solomon; Adebayo Obayomi; Ogundiran Emmanuel Adejare and two others 

It would be recall the justice Akintayo Aluko of the same court had adjourned indefinitely in a similar suit filed by one of the FBN Holdings’ shareholders.

The judge made the decision on Wednesday, sequel to application filed and moved by CBN appealing Justice Aluko’s decision for not joining it in the suit filed by the shareholder.