Court Stops IGI From Holding AGM

Justice Akintayo Aluko of the Federal High Court in Lagos has restrained the Industrial And General Insurance Company Plc from holding its Annual General Meeting (AGM) fixed for January 22, 2024, pending the hearing and determination of a suit filed by some aggrieved shareholders of the company.

Justice Aluko granted the restraining order after entertaining an ex parte application filed against the company and ten other shareholders.

The respondents are IGI Plc, Akinlolu Akinyele, Augustine Olorunsola, Kanayo Chucks Okoye, Gafar Kayode Animashaun, HRM AMB. Nuhu Bamali; High Chief Oriyomi Ayeola; Mallam Sadiq Isa-kaita; Kabir Ayinde-Tukur; Mrs. Olubukola Olufunke Akomolafe and Coopvest Limited.

The applicants had, through their lawyers, Professor Oludayo Amokaye (SAN), informed the court that their application was brought under Section 124 of the Companies And Allied Matters Act 2020, Laws Of the Nigeria 2020, and Rules 15 and 18 of the Companies Proceedings Rules 2004.

They asked the court for an order of Interim Injunction restraining the first respondent (IGI) by itself, her privies, agents and legal representatives from holding its Annual General Meeting on the 22nd of January 2024 or any other time until the final determination of the motion on notice or the petition as the court may deem fit to make in the circumstances.

The applicants also prayed to the court for an order permitting them to serve the motion on notice along with the Court orders on the first respondent (IGI) and other respondents. And any orders or orders the court may deem fit in the circumstances.

Justice Aluko, after listening to the applicants’ lawyers, granted prayers.

The reliefs granted included, “it is at this moment ordered as follows: “that an Order of Interim Injunction restraining the first Respondent by itself, her privies, agents and legal representatives from holding the first respondent’s Annual General Meeting scheduled for the 22nd of January 2024 or any other time until the final determination of the Motion on Notice is at this moment granted.

“That an order permitting the applicants to serve the Motion on Notice along with the Certified True Copy of the Order of the Honourable Court on the first Respondent and other Respondents is now granted.

“The applicants shall file an undertaking as to damages to indemnify the Respondents if this order ought not to have been made.”

Justice Aluko, after that, adjourned to January 16, 2024, for a hearing of the applicants’ Motion on Notice.

The majority shareholders, who are applicants in the suit marked FHC/L/CP/2340/2023, are Special Event Limited; Rotimi Fashola; Oluwarotimi Edu; Toyin Fakunle; Alex Osula; Obayomi Lawal; Bashorun Oladipo Adegbite (Executor of the estate of Late Alhaji Abdullateef Oladimeji Adegbite); Olusina Elushakin; Bandele Olabode Vincent; (Executor of the Estate of late Ola Vincent).

Others are the Trustees Of the Ola Vincent Foundation; Taiwo Subuola Bali (Executor of the Estate of late Edith Adenike Vincent); Jaiyeola Olatokunbo Vincent; Taiwo Subuola Bali; Kehinde Olatunji Vincent; Bandele Olabode Vincent and June Fatima Vincent.