First Bank Holding Announces Femi Otedola as Board Director to Shareholders

First Bank Holding Plc one of the nation’s premier commercial banks, has announced the appointment of Billionaire investor, Mr Femi Otedola as Non-Executive Director subject to the approval of its shareholders at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.

Mr Olufemi Peter Otedola was listed as a substantial shareholder with 5.57% of the total shareholdings, translating to 10,000,000 units of shares directly held and 1,989,342,376 units of shares held indirectly under Calvados Global Limited as of June 30, 2023.

At the upcoming AGM, the shareholders will also have the opportunity to consider and pass the following special resolutions:

“That the Directors’ fees for the financial year ending December 31, 2023, and for succeeding years, until reviewed by the Annual General Meeting, be fixed at N50 million for each Director and N63.7 million for the Board Chairman That the Company’s Issued Share Capital be increased from N17.948 billion made up of 35.895 billion Ordinary shares of 50 Kobo each to N22.434 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each.

That there shall be a capital raise. The capital raise transaction shall be by way of a Rights Issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.

That the Rights Issue referred to in Resolution (b) above may be underwritten on such terms as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.

That the shareholders, under Resolution (c) above, hereby waive their preemptive rights to any unsubscribed shares under the Rights Issue in the event of an under-subscription.

That the Directors be and are hereby authorized to appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.

That Clause 6 of the Memorandum of Association of the Company be amended to reflect the newly issued share capital of 22.435 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.

FBN Holdings Plc declared N206.3 billion profit after tax in its unaudited financial statements for the first half (H1) of the year ended June 30, 2023.

The Holding Company’s H1 results released on the NGX showed profit before tax grew by 213.8% from N65.7 billion in H1, 2022 to N206.3 billion in H1, 2023.