A suit filed against a company, Integrated Intelligent Imaging West Africa Limited, (iCUBE), a former concessionaire of the Federal Airports Authority of Nigeria (FAAN), its two directors and four banks, was on Wednesday struck out by a Federal High Court sitting in Ikoyi, Lagos State, Nigeria.
The suit was thrown out by the court presided over by Justice Yellim Bogoro for lack of diligent prosecution.
The court also awarded a total punitive cost of N3.15 million against all the seven applicants in the suit.
The two directors of the company included a former All Progressives Congress (APC) gubernatorial aspirant in Ondo State, Moyosola Niran Oladunni and Kehinde Akingbola.
The banks are Fidelity Bank Plc; United Bank of Africa (UBA) Plc; Polaris Bank Limited and Zenith Bank Plc.
Justice Bogoro struck out the suit, sequel to an application orally moved for such by Professor Joseph Oromafunu Abugu (SAN), counsel to the defendants, who informed the court that neither the applicants nor their counsels have appeared in court since the suit was filed early last year.
The plaintiffs in the suit, marked FHC/L/CS/817/2021, include Folusho Adeagbo; Bola Cole; Oluwole Tella; Jide Alufa; Wale Akomolafe; Toluwaleke Abajingin and Rotimi Aladesanmi.
The plaintiffs through their counsel, Declean Kemdirim in a Motion on Notice filed before the court had asked for a declaration that the Annual General Meeting (AGM) of the first defendant, Integrated Intelligent Imaging West Africa Limited, held on April 27, 2021, was not properly and duly convened and that by the inconclusive status of the said first AGM of the company, the said meeting cannot be relied upon as establishing the retirement of all Directors of the Company in accordance with Section 28 (1) of the Companies And Allied Matters Act, (The Act”) where the statutory re-election of any Director could not be held due to the disruption of the meeting.
The plaintiffs also asked for a declaration that if however, it is established that all Directors of the company validly retired at the said AGM, then, Moyosola Niran Oladumni (second defendant) cannot validly remain as a Director of the company.
They also want the court to hold that the status of the first defendant in the records of the Corporate Affairs Commission (CAC) to the effect that the only Director of the company is the second defendant is illegal, unlawful, null and void in the circumstances, particularly given the provisions of Article 24 of the Articles of Association of the Campany and Section 271 (1) of the Act.
They also asked for a declaration that the purported Board Resolution of the company dated June 15, 2021, jointly signed by the second and third defendants, changing the company’s bank mandate with the fourth to seventh defendants is null and void and of no effect whatsoever.
They added that the fourth to seventh defendants are under no obligation whatsoever to honour the purported Board resolution dated June 15, 2021, jointly signed by the second and third defendants and that the said resolution is null and void and of no effect whatsoever.
At the resumed hearing of the applicants’ suit today, neither the applicants nor their counsel, Declean Kemdirim was in court.
However, a counsel, O. N. Nwizu, informed the court that he was holding the brief of the applicants’ counsel.
Nwizu told the court that the applicants’ counsel is withdrawing from representing the applicants in the suit. He consequently urged the court to grant the application.
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