In an effort to stop the financial institution from having its annual general meeting as scheduled, several shareholders demonstrated on Monday at the FBN Holdings headquarters.
AGMs are required by law, and the minority shareholders who assembled in front of the headquarters asked that the institution be permitted to fulfil this obligation. They held placards and made their demands known.
The head of the Trusted Shareholders’ Association, Mukhtar Mukhtar, expressed displeasure at the attempt to prevent the AGM from taking place on behalf of the protesting shareholders.
“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 preventing the consideration of some very important resolutions for the advancement of the bank,” he said.
These shareholders have filed a lawsuit with the court to prevent First Bank from raising capital in the same manner as other banks and to prevent the bank’s board of directors from appointing certain directors. Those who have taken the AGM to court to stop it are aware that it is unlawful. AGMs are legally required meetings.
In a notification released in July, FBN Holdings stated that it planned to raise additional funds through a rights issue, subject to the approval of shareholders at the Annual General Meeting scheduled for this month. The lender announced its plan to raise money by issuing 8.974 billion new common shares valued at 50 kobo each.
According to the group, Mr. Femi Otedola, a multibillionaire investor, has been named a non-executive director, pending shareholder approval at the company’s next AGM. On July 9, 2023, Otedola received his appointment.
Samson Ariyibi, who began serving as the group’s executive director of Finance, Investment, Management, and Oversight on October 21, 2022, will be proposed to the shareholders for their approval.
