SCOA Nigeria Plc has obtained a Federal High Court order permitting it to convene six consolidated Annual General Meetings (AGMs) outside the statutory timeframe, as it moves to regularise long-outstanding audited financial statements covering the 2019 to 2024 financial years.
In a notice dated 12 January 2026 and addressed to the Nigerian Exchange Limited (NGX), shareholders and the investing public, the company disclosed that the court approval was granted on 4 September 2025, pursuant to the relevant provisions of the Companies and Allied Matters Act (CAMA) 2020.
Under the order, SCOA Nigeria is authorised to convene its 52nd, 53rd, 54th, 55th, 56th and 57th AGMs in a single consolidated process, solely to consider and lay before shareholders the company’s audited financial statements for the six-year period ended 2019–2024.
The company stated that details of the consolidated AGM — including the date, venue and participation arrangements — would be communicated in due course, in compliance with the court’s directive.
What the Court Order Covers
Documents attached to the NGX filing show that the approval was issued by the Federal High Court, Ibadan Judicial Division, following an ex-parte application by SCOA Nigeria under Sections 237 and 247 of CAMA 2020.
The court order permits:
The convening of the six AGMs outside the statutory timeline prescribed under CAMA, A 180-day window within which the company must hold the consolidated meetings and the conduct of the AGMs by proxy, in line with directives issued by the Corporate Affairs Commission (CAC), with such meetings deemed valid and lawful once held.
Why This Matters for Investors
Court-ordered AGMs of this scale are uncommon on the Nigerian Exchange and typically reflect prolonged financial reporting gaps, often arising from operational restructuring, legacy governance issues, or unresolved audit processes.
For investors, the upcoming consolidated AGM will be critical for:
Gaining visibility into six years of financial performance at once, Assessing the company’s balance sheet trajectory, including losses or recoveries across multiple business cycles., Evaluating governance continuity, board accountability, and compliance posture going forward.
Until the audited accounts are formally laid before shareholders and filed, the market remains largely without up-to-date financial benchmarks for valuing the stock.
Regulatory Context
Under CAMA 2020, public companies are required to hold AGMs annually within a defined timeframe after the end of each financial year. However, the Act allows companies to seek court intervention where compliance becomes impracticable, subject to judicial oversight.
The SCOA Nigeria case underscores the increasing willingness of Nigerian courts to provide procedural relief, while still insisting on eventual disclosure and shareholder engagement.