The Federal High Court in Lagos Friday, September 15, ordered a stay of proceedings in the suit filed by three aggrieved FBN Holdings Plc shareholders over the firm’s Annual General Meeting (AGM) held on August 15, 2023.

Justice Akintayo Aluko had earlier directed counsel in the matter to address him on whether the court can proceed with the case because of an appeal pending before the Court of Appeal in Lagos and another application seeking a stay of proceedings.

The judge, In a ruling on the written addresses filed by parties, noted that what was before the appellate court was not just an application to stay proceedings, but that the substantive relief of the appeal was also asking for a stay of proceedings.

Justice Aluko held: “The ruling of the court is now a subject before the court of appeal. It is settled by a long line of decisions of the Supreme Court that the lower court should avoid judicial engagement in proceedings pending before it.

“It is my view that it is better to avoid any judicial engagement in proceedings before this court that is capable of defying the judicial authority of the court of appeal, whose decision may impact the proceedings before this court.

“Going by the tone of events and the level of controversy the matter has generated it’s better to give the senior brothers at the Court of Appeal an opportunity to look into the case.

“The pending ruling of the court is kept in abeyance in scared obedience to judicial authorities of the Court of Appeal, I hereby order maintenance of status quo.”

The aggrieved shareholders -Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare had urged the Federal High Court for an order stopping the bank’s AGM before it held on August 15 pending the hearing of their suit number FHC/L/CP/1575/23.

But FBN Holdings had in its Notice of Appeal asked the court to nullify the ex-parte order stopping the bank’s AGM.

The firm, in a Notice of Appeal filed on its behalf by its team of lawyers led by Mutalubi Adebayo (SAN), is also asking the upper court for an order allowing its appeal and an order directing that a different Judge of the Federal High Court Lagos be assigned to hear the substantive matter.

The lawyer further argued that the lower court lacked the jurisdiction to grant the ex-parte order because the condition precedent under the Federal High Court Rules for the hearing of the suit was not met by the petitioners.

Three aggrieved FBN Holdings Plc shareholders, Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare, had approached the court presided over by Justice Nicholas Oweibo seeking an order stopping the bank’s Annual General Meeting scheduled for August 15 pending the hearing of their suit number FHC/L/CP/1575/23. (The Nation)

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