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NGX Group: Shareholders tackle management over AGM resolutions

…efforts to get NGX’s position were unsuccessful

Some aggrieved shareholders of Nigeria Exchange Group Plc have resolved to battle the management of the group over what they described as strings of illegalities and abuse of due process with regard to its 61st Annual General Meeting. While notifying the company of their grievances through their lawyers, Messrs S. O. C. Legal, represented by its Senior Partner, Oluwaseyilayo Ojo, the shareholders stated that the notice of the AGM issued by the Company Secretary/ Head of Compliance, Mojisola Adeola, was ill-advised, fraudulent and fraught with illegalities and amounted to egregious abuse of privilege by the board of directors. Representing other shareholders on the issue are Messrs Olayinka OIajuwon and BamideIe Ibironke. They brought the matter to the attention of the Chairman of the NGX Board and its Managing Director, Chief AbimbolaOgunbanjoandMr.

Oscar Onyeama respectively. Findings by New Telegraph revealed that as a proof of their seriousness, they have commenced the process to set aside all resolutions at the AGM, which they insisted was illegal. As part of their grievances, they noted that the notice of the AGM was contrary to the Companies and Allied Matters Act (CAMA), Investment and Securities Act and other relevant capital market statutes and regulations. They also insisted that the notice and resolutions were contrary to the Board’s Charter of the company, adding that the notice of the AGM should not have been issued in the first place as it offends extant laws and codes of corporate governance and violates shareholder rights. Messrs Olajuwon and Ibironke argued that the NGX Exchange Group sits at the top of the capital market, and must be held to a higher standard of compliance with law and regulations.

They pointed out that the group remained a company incorporated under the laws of the Federal Republic of Nigeria and definitely not above the law and must be seen to comply with the law. All efforts to get the NGX’s position proved abortive as its Managing Director, Mr. Oscar Onyeama, didn’t take calls from New Telegraph newspaper.

 

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