A notice was issued calling for the annual general meeting of the Nigerian Stock Exchange Limited. Other issues included plans to raise a supplemental N35 billion through a hybrid offering of equity and debt.
The notice of the 61st annual general meeting of NGX Exchange Group Plc was characterised as “fraudulent, ill-advised,” and an abuse of office by the board directors in a letter from solicitors to Mr. Olayinka Olajuwon and Bamidele lbironke, who represented the shareholders.
The shareholders insisted that the law governing the Exchange Limited does not grant its Board of Directors any rights to a lot share and asserted that the resolution was in violation of Section 142 (2) of the Companies and Allied Matters Act 2020.
The shareholders also claimed that Section 340 of SEC regulations, which provide guidance for businesses wishing to offer securities, was violated by the board’s decision.
They further stated that the business had violated the CAMA Act as well as SEC laws.
