Court of Appeal Restores Presco's AGM and Rights Issue

The Court of Appeal, Benin Division, has overturned a December 11, 2025, ruling by the Federal High Court that invalidated Presco Plc’s 2025 Annual General Meeting (AGM) and halted its rights issue. The appellate court's decision restores the resolutions passed at the AGM and removes restrictions on Presco’s corporate actions.

This ruling followed an appeal by Presco in Appeal No. CA/B/220/2025 against the lower court's judgment, which nullified the August 19, 2025, AGM and restrained the company from proceeding with a rights issue.

The dispute arose from a suit by parties claiming to represent Nigerian shareholders holding about 40 percent equity in Presco, who challenged the transfer of a 60 percent stake from SIAT SA/Saroafrica International Ltd to Oak & Saffron Ltd. The Federal High Court had set aside the AGM and directed the Corporate Affairs Commission and Securities and Exchange Commission not to recognize the share sale.

The Court of Appeal found that the Federal High Court exceeded its jurisdiction and denied Presco a fair hearing, ultimately allowing Presco’s appeal in its entirety.