The Industrial and General Insurance Company Plc’s scheduled Annual General Meeting (AGM) for January 22, 2024 has been postponed until after Justice Akintayo Aluko of the Federal High Court in Lagos has heard and resolved a lawsuit brought by a few disgruntled shareholders of the business.
After considering an ex parte application brought against the business and ten additional shareholders, Justice Aluko approved the restraining order.
IGI Plc, Augustine Olorunsola, Akinlolu Akinyele, Kanayo Chucks Okoye, Gafar Kayode Animashaun, HRM AMB, High Chief Oriyomi Ayeola, Mallam Sadiq Isa-kaita, Kabir Ayinde-Tukur, Mrs. Olubukola Olufunke Akomolafe, and Coopvest Limited are the respondents.
The applicants told the court that their application was made in accordance with 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 through Professor Oludayo Amokaye (SAN), their attorneys.
They requested an order of interim injunction from the court prohibiting the first respondent (IGI), her privies, agents, and legal representatives from holding its annual general meeting on January 22, 2024, or at any other time until the motion on notice or petition is finally decided, whichever the court may decide to do in the particular circumstances.
In addition, the applicants asked the court for permission to serve the motion and court orders on the first respondent (IGI) and additional respondents via notice. as well as other directives or directions the court may find appropriate given the facts.
Following the hearing with the attorneys for the applicants, Justice Aluko offered prayers.
“It is now ordered as follows:” an Order of Interim Injunction prohibiting the first respondent, by herself, her privies, agents, and legal representatives, from holding the first respondent’s Annual General Meeting on January 22, 2024, or at any other time until the Motion on Notice is finally granted. This was one of the reliefs granted.
“That an order allowing the applicants to serve the first respondent and other respondents with the Motion on Notice and the Certified True Copy of the Honorable Court’s Order is now granted.”
“If this order should not have been made, the applicants shall file an undertaking as to damages to indemnify the Respondents.”
Following that, Justice Aluko postponed the hearing on the applicants’ Motion on Notice to January 16, 2024.
The majority shareholders 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). These shareholders are the applicants in the suit bearing the file number FHC/L/CP/2340/2023.
The Ola Vincent Foundation Trustees, Taiwo Subuola Bali (Executor of the late Edith Adenike Vincent’s Estate), Jaiyeola Olatokunbo Vincent, Kehinde Olatunji Vincent, Bandele Olabode Vincent, and June Fatima Vincent are among the others.
