FBN had initially denied receiving a court order stopping it from holding the Annual General Meeting (AGM) scheduled for August 15, 2023, and says the AGM would go as scheduled.

In a statement issued on the Exchange, the company disclosed this in a statement issued on August 14, 2023, and signed by its Company Secretary, Seye Kosoko.

According to the statement, the company was served with the court order on August 11, 2023, following a suit filed by three shareholders who sought to restrain the company from holding the AGM.

The statement explained that the company’s lawyers have filed and served on the petitioners the necessary processes and notice of appeal challenging the court order and seeking that it be set aside, as well as the entire proceedings.

The company also stated that it believes that it can proceed and is indeed proceeding with the AGM, which is a statutory meeting, in accordance with the applicable laws and regulations.