FBN Holdings Plc (FBNH), the parent company of First Bank of Nigeria, has responded to reports of a call for an Extraordinary General Meeting (EGM) by two of its shareholders.
In a statement signed by Company Secretary Adewale L.O. Arogundade, FBN Holdings reassured customers, investors, and stakeholders that the development does not affect its operations or the services provided by its subsidiaries.
The bank also assured us that measures were being taken to protect the interests of the company and its group entities.
The statement reads:
Reports from various sections of the media, including ThisDay and BusinessDay, claim that a group of shareholders holding a 10% equity stake in the financial institution have called for an EGM under Section 215(1) of the Companies and Allied Matters Act (CAMA).
The purpose of the meeting is to seek the removal of the chairman of the board, Femi Otedola, and a non-executive/deputy chief executive of Geregu Power Plc, Julius Omodayo-Owotuga.
The shareholders alleged that Otedola, the owner of Geregu Power, is attempting to gain full control of FBN Holdings by placing his loyalists on the board.
They further accused the businessman of planning to dominate the proposed private placement of N360 billion worth of shares in the firm, alleging that he was removing individuals he believed were obstructing his agenda.
TimesNow.com.ng earlier reported that First Bank has allegedly embarked on a significant restructuring which affected some senior staff
A report stated that the bank laid off about 100 senior staff members in a substantial shake-up in the company
The report, which TimesNow.com.ng has yet to confirm, said the sack affected a top executive director whose term was not renewed under agreed-upon circumstances.
Source: TimesNow.com.ng
