FBN Holdings Plc has assured its customers and stakeholders that the recent calls for an Extraordinary General Meeting (EGM) by two of its shareholders will not impact its operations.
The company confirmed that all businesses within the Group will continue to provide uninterrupted customer service.
This assurance comes in response to a request from a group of shareholders, who collectively own 10% of First Bank of Nigeria Holdings Plc.
The concerned shareholders have called for an EGM to be held within 21 days to discuss the removal of the Bank’s Chairman, Femi Otedola, and Non-executive Director, Julius B. Omodayo-Owotuga.
In the statement signed by the Company Secretary Adewale Arogundade reads, “We assure our valued customers, shareholders, investors, other stakeholders, and the general public that we are taking all necessary steps to protect the interests of the Company and its subsidiaries.”
The Group emphasised its improving financial performance, reflected in higher market capitalisation, and noted ongoing efforts to surpass the regulatory minimum capital well ahead of the stipulated deadline.
Additionally, FBN Holdings disclosed that its Registrar and Lead Issuing House are collating returns from receiving agents regarding the recently concluded Rights Issue, which closed on December 30, 2024.
The company reaffirmed its unwavering commitment to the highest standards of corporate governance and assured stakeholders of its continued focus on sustainable growth and operational excellence.
Backstory
On Wednesday, January 8, 2025, media reports making the round indicated that a group of shareholders holding 10% of First Bank of Nigeria Holdings Plc formally requested an Extraordinary General Meeting (EGM) to be called within 21 days, focusing on the removal of Chairman Femi Otedola and Non-executive Director Julius B. Omodayo-Owotuga.
The shareholders allege that Otedola’s rise to the chairmanship, influenced by former CBN Governor Godwin Emefiele, has led to instability within the bank.
They claim Emefiele facilitated Otedola’s acquisition of shares and subsequent takeover of the bank, sidelining former CEO Dr. Adesola Adeduntan and others.
Otedola is accused of eliminating opposition and appointing loyalists, including CEO Olusegun Alebiosu, who reportedly pledged loyalty to him.
The shareholders express concern that Otedola’s control, alongside a recent N360 billion private placement, could undermine corporate governance and allow him to exploit the bank for personal gain.
