Law

Court nullifies First Guarantee Pension’s EGM

 

Akeem Nafiu

Justice Taiwo Taiwo of a Federal High Court in Abuja has nullified the Extra-Ordinary General Meeting of First Guarantee Pension Ltd, which purportedly held on July 8, 2019 and February 20, 2020.
The judge held that the meeting, having not been convened by the firm’s Board of Directors, of which the plaintiff, Dr. Patrick Oziokoja Asadu, a member and Vice Chairman, was not duly convened, was null and void.
Justice Taiwo also nullified Asadu’s removal as the firm’s Vice Chairman, holding that the meeting at which this was purportedly done, was not duly held, and was therefore invalid.
Furthermore, the judge equally nullified the removal of Alhaji Kashim Ibrahim as the firm’s Board Chairman, saying without serving a Notice of Meeting listing, such business of removal as an agenda to be transacted at the said meeting, “the meeting was not duly convened and held, and is therefore null and void.”
He also set aside the Extra Ordinary General Meeting “together with all decisions and or resolutions reached therein.”
The judge also made an order of perpetual injunction restraining the defendant from acting on any decisions or resolutions reached at the Extra-Ordinary General Meeting.
Pursuant to Section 223 of the Companies and Allied Matters Act (CAMA), 2004, Justice Taiwo directed the defendant “to convene an Extra Ordinary General Meeting or Annual General Meeting in line with its Articles of Association and the Companies and Allied Matters Act, 2004 within 35 days from the date of the judgment in this suit”.
The court made the order in a judgement following an application by Asadu challenging, among others, his removal without being notified of the said meeting and without being given an opportunity to be heard.
Asadu had formulated several issues for determination and sought eleven reliefs in his originating motion.
Justice Taiwo upheld all the prayers and granted all the reliefs sought

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