A group of shareholders voiced their discontent at the FBN Holdings headquarters on Monday, opposing an apparent effort to obstruct the financial institution’s scheduled Annual General Meeting (AGM).
Gathering at the headquarters, minority shareholders held up placards, insisting that the institution should be permitted to fulfill its legal obligation of conducting AGMs.
Representing the protesting shareholders, Mukhtar Mukhtar, the chairman of the Trusted Shareholders’ Association, conveyed their dissatisfaction with the apparent move to prevent the AGM from taking place.
He said, “We are here at the First Bank office to register our displeasure, our discontentment, and rejection of the attempt by some shareholders to prevent the Annual General Meeting of First Bank from holding and preventing the consideration of some very important resolutions for the progress of the bank.
“These shareholders have approached the court to stop First Bank from raising capital like other banks are doing and then not to admit some directors onto the board of the bank. Those who have gone to court to stop the AGM know that it is illegal. AGMs are statutory meetings.”
In a notice released in July, FBN Holdings conveyed its intention to gather additional capital through a rights issue, pending the consent of shareholders at the upcoming Annual General Meeting set for this month. The financial institution outlined its plan to raise funds by issuing 8.974 billion ordinary shares valued at 50 kobo each.
Furthermore, the group introduced the nomination of prominent investor Mr. Femi Otedola as a non-executive director, pending the agreement of its shareholders at the forthcoming AGM. This appointment, dated July 9, 2023, marked an important development.
Samson Ariyibi, who was appointed the executive director, Finance, Investment, Management, and Oversight of the group on October 21, 2022, will be presented to the shareholders for approval of his appointment.
