First Bank shareholders protest at HQ over attempt to stop AGM from holding

Some minority shareholders of FBN Holdings on Monday protested at the headquarters of the bank over an attempt to prevent the financial institution from holding its Annual General Meeting as scheduled.

The minority shareholders who gathered in front of the HQ held placards and demanded that the institution be allowed to carry out its statutory duty of holding AGMs.

Speaking on behalf of the protesting shareholders, the chairman of the Trusted Shareholders’ Association, Mukhtar Mukhtar, expressed displeasure at the attempt to stop the AGM from holding.

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.”

FBN Holdings in a notice issued in July said that it intended to raise fresh capital through a rights issue, pending the approval of shareholders at the Annual General Meeting scheduled for this month. The lender said it intended to raise funds via the creation of 8.974 billion ordinary shares at 50 kobo each.

The group also announced the appointment of billionaire investor, Mr Femi Otedola as non-executive director subject to the approval of its shareholders at the upcoming AGM. Otedola was appointed on July 9, 2023.

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.