Court stops IGI from holding AGM scheduled for Jan. 22

A Federal High Court sitting in Lagos has stopped the proposed Annual General Meeting (AGM) of Industrial And General Insurance (IGI) Company Plc, scheduled to hold on January 22, 2024.

The order stopping the Insurance Firm’s AGM, was made on Tuesday by Justice Akintayo Aluko while granting an ex-parte motion filed against the company and 10 others, by some of its majority shareholders.

The majority shareholders (petitioners/applicants) in the suit numbered FHC/L/CP/2340/2023, are: Special Event Limited; Rotimi 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); Trustees Of Ola Vincent Foundation; Taiwo Subuola Bali (Executor of the Estate of late Edith Adenike Vincent); Jaiyeola Olatokunbo Vincent; Kehinde Olatunji Vincent and June Fatima Vincent.

Those listed as respondents alongside IGI Plc include: Mr. Akinlolu Akinyele; Mr. Augustine Olorunsola; Mr. Kanayo Chucks Okoye; Mr. Gafar Kayode Animashaun; HRM AMB. Nuhu Bamali; High Chief Oriyomi Ayeola; Mallam Sadiq Isa-kaita; Mr. Kabir Ayinde-Tukur; Mrs. Olubukola Olufunke Akomolafe and Coopvest Limited.

The applicants through their team of legal counsel led by, Professor Oludayo Amokaye, (SAN) had informed the court that their petition was brought pursuant to Section 124 of Companies And Allied Matters Act 2020, Laws of Nigeria 2020, and Rules 15 and 18 of the Companies Proceedings Rules 2004.

In the Ex-parte motion, the petitioners prayed the court for an order of Interim Injunction restraining the first respondent (IGI) by itself, her privies, agents and legal representatives from holding its Annual General Meeting on the 22nd of January 2024 or any other time, pending the final determination of the motion on notice or the petition as the court may deem fit to make in the circumstances.

They also prayed the court for an order permitting them to serve the motion on notice along with the Court orders on the first respondent (IGI) and other respondents.

And any other order or orders the court may deem fit to make in the circumstances.

Justice Aluko had on January 2, 2023, after listening to the petitioners’ counsel, and perused through the affidavit in support of the motion deposed to by Rotimi Fashola, an Insurance Broker and the written address and exhibits attached, held that: having heard Prof. Oludayo Amokaye (SAN) with A.O. Lema, Esq., and S.O. Obajaja, Esq., and A.C. Eze, Esq., for the Petitioners who moved in terms praying it to grant the reliefs sought as endorsed on the ex-parte.

“And the court having considered it deserving, granted the prayers sought; it is hereby ordered as follows:

“That an Order of Interim Injunction restraining the 1st Respondent by itself, her privies, agents and legal representatives from holding the 1st respondent’s Annual General Meeting scheduled for the 22nd of January 2024 or any other time until the final determination of the Motion on Notice is hereby granted.

“That an order permitting the applicants to serve the Motion on Notice along with the Certified True Copy of the Order of the Honourable Court on the 1st Respondent and other Respondents is hereby granted.

“That the applicants shall file an undertaking as to damages to indemnify the Respondents in the event that this order ought not to have been made.”

Thereafter, Justice Aluko adjourned the matter to January 16, 2024 for hearing of the applicants’ Motion on Notice.