WorldStage– Agro-industrial giant Presco Plc has secured a major legal victory as the Court of Appeal (Benin Judicial Division) set aside a ruling that previously halted its corporate actions, validating the outcomes of its August 19, 2025 Annual General Meeting (AGM) and clearing the path for its capital-raising program.
The appellate court issued its judgment in Appeal No. CA/B/220/2025, completely resolving all three issues in favor of Presco Plc.
The decision reverses an interlocutory ruling delivered on December 11, 2025, by the Federal High Court in Suit No. FHC/B/CS/37/2024, which had temporarily restrained the company’s resolutions and affected regulatory recognition.
Key Highlights of the Judgment
AGM Validity Restored: All resolutions passed during the August 19, 2025 AGM are now fully valid and subsisting.
Rights Issue Cleared: The company’s capital-raising program and allotments approved by the Securities and Exchange Commission (SEC) remain completely unaffected and can proceed.
Regulatory Compliance: The Court directed relevant regulatory bodies, including the SEC and the Corporate Affairs Commission (CAC), to recognize and give effect to Presco’s corporate actions.
Interlocutory Orders Discharged: Every order previously imposed under the Federal High Court’s December 2025 ruling has been discharged in its entirety.
Corporate Governance & Next Steps
In a statement signed by Company Secretary Frederick Ichekwai, Presco Plc confirmed that the legal proceedings did not disrupt operations and that board and management functions continued normally. The company expressed deep appreciation to its external legal team for their prompt, strategic handling of the appeal.
With the legal challenge cleared, the Board announced it will communicate the date for Presco’s next Annual General Meeting in accordance with applicable market regulations.
