Shareholders, under the auspices of Trusted Shareholders Association of Nigeria (TSAN), have advised Oba Otudeko not to bite the fingers that fed him, alleging that the former chairman of the institution instigated a court order that stopped FBN Holdings from holding its Annual General Meeting (AGM), scheduled for August 15, 2023.

Chairman of TSAN, Alhaji Muktar Muktar, disclosed this to journalists.

A Federal High Court in Lagos had issued an ex parte order restraining FBN Holdings from having its AGM, pending hearing and determination of the substantive matter filed before the court by three aggrieved shareholders of the bank.

Muktar, who had led minority shareholders to protest the move to stop the AGM, also advised Otudeko not to forget that First Bank contributed significantly to the growth of his business empire, and he should not, out of self interest, take actions that would destroy the wealth of many Nigerians who are investors in FBN Holdings.

According to Muktar, in his 30 years of experience in the capital market, he had not seen where someone would approach a court to stop a statutory meeting from being held.

He said: “AGM is a meeting authorised and recognised by the laws of Nigeria. So, it is absurd for a group of individuals to go to court, asking to stop an AGM, and worse still, for any court to grant such an order. I can’t understand what the judiciary is turning to.

“I have never seen where a judge stops a statutory meeting from being held. I can give you several instances when, in the past, such matters were brought before the courts and judges dismissed them because you cannot stop a law from working. AGM is a lawful meeting and no judge, who is progressive in mind and wants to uphold protection of the law, should stop an AGM.”

In her reaction, Mrs. Bisi Bakare of Pragmatic Shareholders Association of Nigeria (PSAN), said: “The court order is not a good move to us as investors/shareholders. My advice is: whoever is behind it or those that are planning should stop it because First Bank is more important than any individual. If anything happens to First Bank, the entire Nigeria will be affected.”

In the opinion of the chairman of Ibadan Zone Shareholders Association,
Mr. Eric Akinduro, going to court to stop the AGM was not the best decision for the company and investors.

Otudeko could not be reached for comment on the allegation.