A Lagos Federal High Court has granted an ex-parte motion stopping the proposed Annual General Meeting (AGM) of Industrial And General Insurance Company Plc that is scheduled for January 22, 2024.
Justice Akintayo Aluko granted the motion against the company andhers until the Motion terlocutory Injunction is heard and determined.
The ex-parte motion was granted after perusing the affidavit in support of the motionsed to by Rotimi Fashola, an Insurance Broker with the written address and exhibits attached, and also, the argument by Prof. Oludayo Amokaye SAN, lead counsel f itioners.
This development has therefore stopped Coopvest from acquiring the once flagship company of the industry but ailing, through the back door.
The petitioners 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 ElOlabode 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; Taiwo Subuola Bali; Kehinde Olatunji Vincent; Bandele Olabode Vincent and June Fatima Vincent.
The respondents are IGI Plc, Mr. Akinlolu Akinyele; Mr. Augustine Olorunsola; Mr. Kanayo Chucks Okoye; Mr. Gafar Kayode Animashaun; Ambassador Nuhu Bamali; High Chief Oriyomi Ayeola; Mallam Sadiq Isa-kaita; Mr. Kabir Ayinde-Tukur; Mrs. Olubukola Olufunke Akomolafe and Coopvest Limited.
The petitioners through their team of lawyers led by Professor Oluda(SAN), had according to 124 of Companies And Allied Matters Act 2020, Laws of the Nigeria 2020, and Rules 15 and 18 of the Companies Proceedings Rules 2004, filed a petition on the 16th of November, 2023, and put the 1st Respondent on notice.
However, in an apparent attempt to overreach the Petitioners, the 1st Respondent, Industrial and General Insurance Plc advertised its AGM for the 22nd of January, 2024 sequel to which the Petitioners and their Counsel approached the Court vide a Motion for Injunction.
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 Court therefore granted an Interim Injunction restraining Industrial and General Insurance Co. Plc from holding its proposed AGM until the hearing and determination of the Motion on Notice.
In the Ex Parte motion, the petitioners have prayed theorder of Interim Injunction restraining the first respondent (IGI) by itself, her privies, agents, and legal representatives from holding its Annual General Meeting for the 22nd of January 2024 or any other time, until 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 to the court for an oro 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.
Hon. Justice Akintayo Aluko noted that the Court has considered it deserving, granted the prayers sought and ordered, “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.
Hon. Justice Akintayo Aluko thereafter adjourned to the 16th of January, 2024, for argument on the Motion on Notice for Interlocutory Injunction and directed that the parties be put on Notice of ton on Notice.
Thein ranking, having faced liquidity challenge that has hampered its ability to meet claims obligation to client’s.
The worsening Nigerian economy which has clogged the real estate sector, affected ts inability to convert its huge assets into cash. This pushed it into the market to seek investors with new money to resuscitate it.
The petitioners, who are existing shareholders of IGI are protesting the acquisition of 40.7 shares of IGi without adherence to proper procedure including the non-observance of pre-emptive rights of existing shareholders, no proper follow-up of regulatory clearances and lack of clear evidence that funds that match the acquisition were injected. All their steps following the illegal acquisition were done without an AGM clearance by the members of the company.