FBN Holdings has clarified that it has not received any court order prohibiting the holding of its 11th Annual General Meeting (AGM) scheduled for Tuesday.

In a notice submitted to the Nigerian Exchange Limited on Thursday, the company addressed recent media reports suggesting a court order had been issued to halt the AGM.

The notice, signed by acting Company Secretary Adewale Arogundade, emphasized that no lawful order restraining the AGM had been served to the company.

The company vowed to notify regulators and the public accordingly if any legitimate order emerges.

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Contrary to these claims, court orders published in national newspapers indicated that the Federal High Court in Lagos had indeed issued an order preventing FBN Holdings from convening its 11th AGM.

The order, which emerged from a petition by Olusegun Onagoruwa in suit No: FHC/L/CP/1271/2022, warned against any actions in defiance of the court’s directives.

The conflicting situations have stirred debate and concern among shareholders, leading to protests and regulatory calls for intervention.

Among the proposed resolutions at the AGM is the approval for a rights issue to raise N150 billion in fresh capital and the election of new directors, including prominent figures like Femi Otedola and Samson Ariyibi.