Some Shareholders Protest At FBN Holdings Headquarters Over AGM Disruption Attempt

A group of shareholders gathered at the headquarters of FBN Holdings on Monday to protest against an apparent move aimed at obstructing the financial institution’s scheduled Annual General Meeting (AGM).

Minority shareholders congregated outside the company’s HQ, holding placards and asserting their demand that the institution be permitted to fulfill its statutory obligation of conducting AGMs.

Mukhtar Mukhtar, Chairman of the Trusted Shareholders’ Association, voiced the grievances of the protesting shareholders, expressing strong disapproval of the efforts to obstruct the AGM.

Mukhtar stated, “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 July, FBN Holdings issued a notice disclosing its intention to raise additional capital through a rights issue, pending the approval of shareholders at the scheduled Annual General Meeting for the current month. The plan involves creating 8.974 billion ordinary shares at 50 kobo each.

Furthermore, the group announced the proposed appointment of billionaire investor Mr. Femi Otedola as a non-executive director, subject to shareholders’ approval at the forthcoming AGM. Otedola’s appointment was slated for July 9, 2023.

Samson Ariyibi, who assumed the role of executive director, Finance, Investment, Management, and Oversight of the group on October 21, 2022, will also be presented to the shareholders for approval of his appointment.