On Monday, some shareholders demonstrated at the FBN Holdings corporate office in opposition to a plan to thwart the financial institution’s scheduled Annual General Meeting.
Minority shareholders assembled in front of the headquarters, waved signs, and urged that the institution be let to fulfill its legal obligation to host AGMs.
Mukhtar Mukhtar, head of the Trusted Shareholders’ Association, spoke on behalf of the protesting shareholders and expressed disappointment in the attempt to prevent the AGM from taking place.
“We are here at the First Bank office to express our displeasure, our discontentment, and our rejection of the attempt by some shareholders to prevent the Annual General Meeting of First Bank from taking place and from precluding the consideration of some very important resolutions for the development of the bank,” he said.
These shareholders have petitioned the court to prevent First Bank from raising capital in the same manner as other banks and to prevent the appointment of certain directors to the bank’s board. The AGM is unlawful, as those who have sought a judicial halt to it are aware. AGMs are required by law.
In a notification released in July, FBN Holdings stated that, subject to shareholder approval at the Annual General Meeting scheduled for this month, it sought to raise new capital through a rights issue. The lender stated that it planned to raise money by issuing 8.974 billion ordinary shares at a price of 50 kobo each.
As a non-executive director, Mr. Femi Otedola, a wealthy investor, has been appointed by the firm, subject to the approval of its shareholders at the next AGM. Appointment day for Otedola was July 9, 2023.
Samson Ariyibi will be proposed to the shareholders for approval of his nomination as the executive director, Finance, Investment, Management, and Oversight of the group on October 21, 2022.