Shareholders okay FBN Holdings’ N150bn rights issue, Otedola’s directorship

Shareholders of the First Bank Holdings Plc (FBNHoldings), the parent company of FirstBank, has approved the increase in authorised share capital and a proposed N150 billion rights issue.

At the 11th Annual General Meeting (AGM) held on Tuesday, August 15, the shareholders approved the resolution to increase the Company’s Issued Share Capital from 17,947,646,396 of 35,895,292,792 ordinary shares of 50kobo each to N22,434,577,995 by the creation and addition of up to 8,973,823,198 ordinary shares of 50kobo.

Also, the amendment of clause 6 of the Memorandum of Association, to reflect the newly issued capital of N22,434,557,995 by the creation and addition of up to 8,973, 823, 198 ordinary shares of 50K was also approved.

There were also new appointments to the board. The group announced the appointment of Femi Otedola and Oyewale Ariyibi into the board as Non-Executive Director and Executive Director, respectively.

The virtual AGM was presided over by Alhaji Ahmad Abdullahi, the Group Chairman with shareholders, directors, Management staff and other stakeholders in attendance.

Abdullahi presented an overview of the group’s performance over the past financial year highlighting key achievements, strategic initiatives and vastly improved performance indices.

The chairman outlined the strategic plans for the upcoming year and informed shareholders of appointments to the board.

The Group Chairman reiterated the group and its subsidiaries’ commitment to continuously innovate and leverage opportunities to build on its customer-centric services, as he underscored the value of these services in achieving sustainable growth and impact on the host communities of its businesses across the globe.

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Among the key highlights of the AGM were the strong financial performance despite the challenges experienced in the global business climate. The group sustained improvement on key indicators as its gross earnings and net interest income recorded growth, with NPL reducing from 6.1% to 4.3%, demonstrating its prudent risk management.

The Group’s technology adoption and digital transformation of its businesses were also discussed as it reiterated the commitment to leverage cutting-edge technology which remains at the heart of its approaches.

On dividend, the group announced dividend of 50kobo per share to its shareholders which is an increase of 43% from 35kobo per share paid in prior year.

Speaking at the AGM, the Group Chairman said: “The Group actively develops targeted initiatives to strengthen its capacity to create value greater than the sum of the individual parts. At FBNHoldings, technology and innovation are at the core of what we do. We recognise the competitive advantage innovation affords us and ensure it takes the front seat in the design, development and enhancement of our products and services.

“Acknowledging the vital role our employees play in creating shareholder value, we consistently leverage best-in-class training and development programmes for upskilling and reskilling members of staff to enhance professional competence, drive innovation and boost overall corporate agility. Our people, across the cadres, have stayed true to our Core Values – Entrepreneurial, Professionalism, Innovative and Customer-Centricity (EPIC) – and have shown commitment to the Group’s strategic aspirations.”

The 11th AGM of the financial services group reflected the sustained growth trajectory in its financial performance as the group reiterated its resolve to boost shareholders’ value and positively impact businesses and lives of its host communities.

The Star