Court of Appeal overturns ruling against Presco’s AGM, rights issue

The Court of Appeal in Benin has overturned a Federal High Court ruling that had impeded Presco Plc’s 2025 Annual General Meeting (AGM), rights issue, and other corporate actions. This decision, delivered on August 21, 2026, allows the company to proceed with its resolutions and capital-raising programme. Presco, a fully integrated agro-industrial company involved in oil palm cultivation, processing, refining, and the production and marketing of edible oils and specialty fats across West Africa, released the judgment in a statement signed by its Company Secretary on August 24, 2026.

The appellate court ruled in favor of Presco in Appeal No. CA/B/220/2025, setting aside the Federal High Court’s December 11, 2025 ruling entirely. The company’s AGM held on August 19, 2025, as well as the resolutions passed at the meeting, remain valid. Additionally, Presco’s rights issue and the allotments made under its Securities and Exchange Commission-approved capital-raising programme are unaffected.

The legal dispute predates the latest Court of Appeal judgment, with Presco previously disclosing litigation arising from Suit No. FHC/B/CS/37/2024. The lower court had set aside the 2025 AGM, restrained Presco from proceeding with the share issuance, and directed regulators, including the SEC and CAC, not to recognize the affected corporate actions.

However, the August 21, 2026 appellate judgment has now overturned those orders, removing a significant legal uncertainty surrounding Presco’s 2025 corporate actions at a time when the company is reporting strong profitability, a stronger balance sheet, and continuing expansion plans.

Brief written by urgent.news from Nairametrics's own syndicated text. Machine-written — may contain errors; check the original before relying on it.