FBN Holdings, a financial holding company, is set to seek shareholder approval for a new capital raise of N350 billion at its upcoming annual general meeting (AGM).
The company is also considering a change of its legal and brand name to FirstHoldco Plc. This information was included in a notice for the AGM filed with the Nigerian Exchange Limited by Acting Company Secretary Adewale Arogundade.
As part of the special resolution, shareholders will review and potentially approve the proposed name change from FBN Holdings Plc to FirstHoldco Plc, along with the corresponding brand change for its subsidiaries.
In terms of capital raising, shareholders will be asked to authorize the company to pursue a capital raise of up to N350 billion. This could be achieved through various methods such as public offerings, private placements, or rights issues in either the Nigerian or international capital markets. The pricing and terms will be determined through a book-building process or other valuation methods, as decided by the board of directors, subject to necessary regulatory approvals.
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Additionally, FBN Holdings announced the appointment of Adebowale Oyedeji as the new Group Managing Director, effective November 13, pending approval from the Central Bank of Nigeria and ratification by shareholders at the AGM.
Chairman Femi Otedola expressed enthusiasm about Oyedeji joining the firm, emphasizing the importance of building on the company’s long-standing legacy and maintaining its leadership in the industry. Oyedeji will succeed Nnamdi Okonkwo, who is retiring after completing his term.
Oyedeji holds a Bachelor’s degree in Agricultural Economics from the University of Ibadan and a Master’s degree in Financial Economics from the University of London. He is a Fellow of the Institute of Chartered Accountants of Nigeria and completed the Advanced Management Programme at Harvard Business School.
With over 30 years of banking experience in corporate banking, treasury, commercial banking, and general management, Oyedeji previously served as Managing Director of Guaranty Trust Bank UK and contributed significantly to the growth of Guaranty Trust Bank in various roles. Before his current appointment, he was the MD/CEO of Nova Commercial Bank, where he played a key role in its transformation into a commercial bank and its expansion into retail banking. He began his career at Ernst & Young, where he trained as an accountant.
