FBN Holdings addresses shareholder concerns, defends governance practices amid calls for leadership changes

FBN Holdings Plc has reaffirmed its commitment to corporate governance and operational stability in response to recent concerns raised by a group of shareholders demanding an Extraordinary General Meeting (EGM) to address leadership issues, CableNews24 reports.

The shareholders, holding a combined 10 per cent stake, have petitioned for the removal of the bank’s chairman, Femi Otedola, and non-executive director Julius B. Omodayo-Owotuga. Their demands, in line with Section 215(1) of the Companies and Allied Matters Act (CAMA), focus on alleged governance irregularities and perceived over-concentration of power under Otedola’s leadership.

Key among their concerns is the proposed N360 billion private placement, which the shareholders fear could disproportionately favor Otedola and consolidate his influence. They are advocating for alternative capital-raising methods, such as a rights issue or public offer, to promote equitable share distribution.

In a statement signed by Company Secretary Adewale Arogundade, FBN Holdings assured stakeholders that the situation would not disrupt its operations. The company highlighted its robust financial performance, increased market capitalization, and proactive steps to meet regulatory capital requirements ahead of schedule. It stated that business operations across all subsidiaries remain uninterrupted, and they remain steadfast in upholding high corporate governance standards.

The company also disclosed progress on its recent Rights Issue, confirming that its Registrar and Lead Issuing House are processing returns from receiving agents following the December 30, 2024, close of the offer.

While the controversy surrounding the bank’s leadership continues to evolve, FBN Holdings emphasized its focus on long-term sustainable growth and operational excellence, reassuring customers and investors of its commitment to safeguarding their interests.

…………

About CableNews24

At CableNews24, we’re your trusted companion in navigating today’s fast-paced world-your gateway to a world of instant information, updates, and compelling stories. We are not just an online TV and newspaper website; Offering a dynamic mix of up-to-the-minute news, and insightful articles, CableNews24 delivers everything you need to stay connected. Whether you’re catching breaking news in real-time or exploring in-depth coverage through our online newspaper, we promise to keep you informed, entertained, and ahead of the curve. From local happenings to global events, we deliver news that matters.  Join the CableNews24 experience – where news meets convenience, and your world comes alive.

CableNews24 – News, Anytime, Anywhere.

For Advertisement, Event Coverage/MC, Public Relations, Story/Article Publication, and other Media Services, kindly send an email to: cablenews24.com@gmail.com OR Kindly call: 08023535955 . To stay updated with the latest news stories, kindly visit cablenews24.com published by AAAANDREL GLOBAL SERVICES