Shareholders approve Otedola as FBN Holdings director

Femi Otedola

Businessman Femi Otedola has been approved as a non-executive director of FBN Holdings (FBNH).

Shareholders of Nigeria’s oldest financial services group gave their approval at the annual general meeting (AGM) held on Tuesday.

They also approved increase in authorised share capital and a proposed N150 billion rights issue, with mandates to the board of directors to dictate the terms and conditions of the rights as well as dispose of rights not taken up during the period, reports The Nation.

A group reportedly loyal to businessman and former chairman of the bank Oba Otudeko had filed a suit in court, seeking to stop the bank from holding the AGM. The group obtained an ex parte court order stopping the AGM.

Otudeko and Otedola bought substantial amounts of shares in what appeared to be a race to decide who takes control of the company.

However, on Monday, the board of FBNH filed a confirmatory notice at the Nigerian Exchange (NGX) that it had sufficient grounds to proceed with the general meeting as scheduled.


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In the notice, the board confirmed that it had succeeded in filing a notice of appeal and motion on notice for stay or suspension of execution and suspension of further hearing of the Federal High Court’s order stopping the AGM, pending the determination of the appeal filed at the Court of Appeal.

At the AGM held virtually, shareholders approved all resolutions, including the audited financial statements and accounts for the year ended December 31, 2022, payment of a dividend per share of 50 kobo and all other ordinary businesses.

Also, executive director of finance, FBN Holdings Samson Ariyibi who was appointed by the board and approved by the CBN in 2022 was presented to shareholders and was approved.