The Court of Appeal, Benin Division, has overturned a Federal High Court decision that invalidated Presco Plc’s 2025 Annual General Meeting (AGM) and halted the company’s rights issue.
The appellate court’s decision effectively restores the resolutions passed at the AGM and removes the restrictions previously placed on Presco’s corporate actions.
The ruling followed an appeal by Presco in Appeal No. CA/B/220/2025 against a December 11, 2025 judgment of the Federal High Court in Benin. The lower court had nullified the company’s August 19, 2025 AGM and restrained it from proceeding with a rights issue based on resolutions passed at the meeting.
The dispute followed a suit filed by parties claiming to represent Nigerian shareholders holding about 40 percent equity in Presco. They challenged the transfer of a 60 percent stake previously held by SIAT SA/Saroafrica International Ltd to Oak & Saffron Ltd, alleging that the transaction was conducted without regard to their pre-emptive right of first refusal.
The shareholders subsequently sought orders preventing Presco from implementing decisions taken at its 2025 AGM and from proceeding with the rights issue.
