Court prevents IGI from holding AGM

The Industrial and General Insurance business Plc has been ordered by Justice Akintayo Aluko of the Federal High Court in Lagos to postpone its scheduled AGM until January 22, 2024, while a lawsuit brought by a few disgruntled shareholders of the business is heard and decided.

An ex parte application against the firm and ten additional shareholders was entertained by Justice Aluko, who then granted the restraining order.

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

Through Professor Oludayo Amokaye (SAN), the applicants’ attorneys, the court was informed that the applications were filed pursuant to 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.

The first respondent (IGI), her privies, agents, and legal representatives were requested to request an order of interim injunction from the court prohibiting the organization from holding its annual general meeting on January 22, 2024, or at any other time until the court makes a final decision on the petition or the motion on notice, as the court may see fit under the circumstances.

Together with court orders on the first respondent (IGI) and other respondents, the petitioners also asked to the court for an order allowing them to serve the move on notice. and whatever other directives the court feels appropriate under the circumstances.
Judge Aluko offered prayers following her hearing from the attorneys for the applicants.

In addition to the other reliefs listed below, an order of interim injunction was granted, which prohibits the first respondent, 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 ultimately granted.

“That the applicants are now granted permission to serve the first respondent and other respondents with the Motion on Notice and the Certified True Copy of the Honorable Court’s Order.”

In the event that this order should not have been made, the applicants must provide an assurance to indemnify the Respondents for damages.

The hearing on the applicants’ Motion on Notice was therefore postponed by Justice Aluko until January 16, 2024.

In the lawsuit filed under the file number FHC/L/CP/2340/2023, the majority shareholders—Rotim 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)—are the applicants.

In addition, there are the Ola Vincent Foundation Trustees, Taiwo Subuola Bali (the late Edith Adenike Vincent’s executor), Jaiyeola Olatokunbo Vincent, Kehinde Olatunji Vincent, Bandele Olabode Vincent, and June Fatima Vincent.