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The petition by Tohir Folorunsho Ismaila on 9 August centred on whether the 12th annual general meeting (AGM) of FBN Holdings “was properly convened on the order of Board of Directors in the face of allegation that they were not lawfully appointed as directors,” according to a court ruling obtained by PREMIUM TIMES.

Among other issues raised by the petitioner were claims that the organisation failed to publish a notice of the AGM in a minimum of two national newspapers at least three weeks ahead and that he was not notified of the meeting.

Mr Ismaila insisted that the amount of the fees payable to the directors from the company’s coffers would affect the dividend payable to him from the profit made by the corporation in the course of doing business.

In its preliminary objection on 22 August, FBN Holdings contended that the petitioner’s claims had been overtaken by time and, consequently, were no longer a live issue. It sought a dismissal of the litigation.

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