First Bank Headquarters Sees Shareholders' Protest Amidst AGM Dispute

A group of shareholders gathered in front of the FBN Holdings headquarters on Monday to protest an alleged attempt to obstruct the financial institution from conducting its Annual General Meeting (AGM) as planned.

Brandishing placards, the minority shareholders demanded that the institution be allowed to fulfill its statutory obligation of holding AGMs. Mukhtar Mukhtar, the chairman of the Trusted Shareholders’ Association, spoke on behalf of the protesters and expressed their dissatisfaction with the efforts to halt 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 a notice released in July, FBN Holdings disclosed its intention to raise fresh capital through a rights issue, subject to the approval of shareholders at the scheduled Annual General Meeting this month. The proposal involved the creation of 8.974 billion ordinary shares at 50 kobo each.

Furthermore, the group revealed the appointment of billionaire investor Mr. Femi Otedola as a non-executive director, pending the approval of shareholders at the upcoming AGM. Otedola's appointment had been made on July 9, 2023.

Another matter to be presented to the shareholders for approval is the appointment of Samson Ariyibi as the executive director of Finance, Investment, Management, and Oversight of the group. Ariyibi had been appointed on October 21, 2022.

The protesters are urging all shareholders to support the holding of the AGM and allow the financial institution to carry out its necessary operations to facilitate the bank's progress.