A Federal High Court in Lagos has halted the proposed annual general meeting (AGM) of the Industrial and General Insurance (IGI) Company Plc scheduled for January 22, 2024.
Justice Akintayo Aluko stopped the AGM when he granted an ex-parte motion against the company and 10 others until the motion for interlocutory injunction was heard and determined.
The judge granted the ex-parte application following the affidavit in support of the motion deposed to by Rotimi Fashola, an insurance broker with the written address and exhibits attached, and also, the submissions of the lead counsel for the petitioners, Prof. Oludayo Amokaye, who moved in terms and prayed the court to grant the reliefs.
The petitioners are Special Event Limited, Rotimi Fashola; Oluwarotimi Edu; Toyin Fakunle; Alex Osula; Obayomi Lawal; Oladipo Adegbite (executor of the estate of late Abdullateef Adegbite); Olusina Elushakin; Bandele Vincent; (executor of the estate of late Ola Vincent); trustees Of Ola Vincent Foundation; Taiwo Bali (executor of the estate of late Edith Vincent); Jaiyeola Vincent; Taiwo Bali; Kehinde Vincent; Bandele Vincent and June Vincent.
The respondents are, IGI Plc, Akinlolu Akinyele; Augustine Olorunsola; Kanayo Okoye; Gafar Animashaun; Ambassador Nuhu Bamali; Oriyomi Ayeola; Sadiq Isa-kaita; Kabir Ayinde-Tukur; Olubukola Akomolafe and Coopvest Limited.
The court, after listening to the plight of the petitioners, agreed with them that the holding of the AGM would make the substantive petition an academic exercise and foist a fait accompli on the court since the very acts sought to be ratified at the AGM are the subject of the petition.
The petitioners, who are existing shareholders of IGI are protesting the alleged acquisition of 40.7 shares of IGi without adherence to proper procedure including the non-observance of pre-emptive rights of existing shareholders.
The aggrieved shareholders also alleged that there was no proper follow-up of regulatory clearances and a lack of clear evidence that funds that match the acquisition were injected.
They stated that the alleged illegal acquisition was done without an AGM clearance by the members of the company.
The case has been adjourned to January 16, 2024, for hearing of motion on notice.
