Shareholders protest at First Bank HQ over AGM

On Monday, a number of shareholders gathered at the offices of FBN Holdings to stage a demonstration in response to an attempt to stop the financial institution from having its Annual General Meeting as planned.

The minority shareholders who were protesting in front of the headquarters with placards and signs demanded that the organisation be granted permission to fulfil the statutory requirement of convening annual general meetings (AGMs).

Mukhtar Mukhtar, chairman of the Trusted Shareholders’ Association, expressed anger at the attempt to prevent the annual general meeting from taking place while speaking on behalf of the shareholders who participated in the protest.

He stated, “We are here at the First Bank office to register our displeasure, our discontentment, and our 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.” He continued, “We are here to reject the attempt by some shareholders to prevent the consideration of some very important resolutions for the progress of the bank.”

“These shareholders have petitioned the court to prevent First Bank from raising capital in the same way that other banks are, and they have also asked the court to exclude certain directors from serving on the board of directors of the bank. Those who have petitioned the court to halt the annual general meeting are aware that doing so violates the law. AGMs are considered to be statutory meetings.

In a notification that was sent out in July, FBN Holdings stated that it intended to raise new capital by means of a rights issue, subject to the approval of shareholders at the Annual General Meeting that is set to take place this month. The financial institution said that it planned to increase capital by issuing 8.974 billion ordinary shares at a price of 50 kobo each.

The group also announced the hiring of billionaire investor Mr. Femi Otedola as a non-executive director, subject to the approval of its shareholders at the next AGM. The appointment of Otedola took place on July 9, 2023.

The appointment of Samson Ariyibi as executive director, Finance, Investment, Management, and Oversight of the group, which was announced on October 21, 2022, will be presented to the shareholders for approval so that he can take up his new position.