Presco Plc has won its appeal against a Federal High Court ruling that placed interlocutory restrictions on its 2025 Annual General Meeting (AGM), rights issue, and the recognition of its corporate actions by regulators.
The Court of Appeal, Benin Judicial Division, on August 21, 2026, allowed Presco’s appeal in its entirety and set aside the Federal High Court’s December 11, 2025 ruling in Suit No. FHC/B/CS/37/2024.
The company disclosed this in a statement signed by its Secretary, Frederick Ichekwai, on August 24, 2026.
Presco said the appellate court resolved all three issues submitted for determination in its favour, effectively discharging all interlocutory orders made under the earlier ruling.
READ ALSO:
- Presco Cuts Debt, Boosts Efficiency as Okomu Relies More on Borrowing in Q1
- Presco, Okomu Earnings Weaken Under Higher Tax Burden
- Transcorp Declares ₦20.3bn Dividend, Posts 44% Profit Growth
- Afreximbank Profit Jumps 30% to $535m in H1
- First HoldCo, FCMB, Sterling Stake Fresh Capital in Equities as Lending Lags
The company said the judgment means its AGM held on August 19, 2025, and the resolutions passed at the meeting remain valid.
It also said its rights issue and the allotments made under its Securities and Exchange Commission-approved capital-raising programme remain unaffected by the litigation.
“By the said judgment, every interlocutory Order made under the Ruling of 11 December 2025 has been discharged,” Presco said.
“Accordingly, the Company’s AGM of 19 August 2025 and the resolutions passed there remain valid and subsisting; the rights issue and the allotments made pursuant to the Company’s SEC-approved capital-raising programme are unaffected; and the relevant regulators are to recognise and give effect to the Company’s corporate actions.”
Presco had appealed the Federal High Court ruling through Appeal No. CA/B/220/2025 following advice from its counsel.
The company said the Court of Appeal’s decision has now resolved the matter in its favour and reaffirmed the validity of its corporate actions.
The Board expressed appreciation to its external solicitors for what it described as their “prompt and strategic conduct” of the appeal, which it said contributed to the successful outcome.
With the appellate process now producing a favourable determination, Presco said it would communicate the date of its next AGM in due course, subject to applicable laws and the rules of The Exchange.
The company also said the pending litigation did not affect the discharge of the Board’s and Management’s statutory and operational responsibilities.
“Presco remains fully committed to good corporate governance and to acting in the best interests of all its stakeholders,” the company said.
It added that it would provide further updates as material developments occur.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X