This rebranding initiative, which will also apply to its subsidiaries, is part of a series of special resolutions that shareholders will review at the AGM.
The company’s directors will be empowered to undertake all necessary steps to implement the name change, including revising the company’s Memorandum and Articles of Association to incorporate the new legal name and share capital structure, pending regulatory approvals.
Transitioning to First Holdco Plc represents a significant milestone for FBN Holdings as it aims to modernize its brand and enhance its corporate framework.
This change is intended to more accurately represent the company’s growth into a diversified financial services group, while continuing to uphold its status as one of Nigeria’s most reputable financial institutions, boasting over 130 years of legacy.
By adopting the new name across all subsidiaries, FBN Holdings seeks to create a cohesive brand that reinforces its market position and aligns with its long-term strategic objectives.
The suggested name change is part of FBN Holdings' ongoing initiatives to enhance its capital and fortify its financial position.
Recently, the company updated its proposed Rights Issue to N25 per share, aiming to generate N350 billion. This rights issue will enable the issuance of 5,982,548,799 ordinary shares at 50 kobo each, based on a ratio of 1 new ordinary share for every 6 ordinary shares held as of October 18, 2024.
Originally, the company intended to raise a larger amount by proposing the issuance of 8,973,823,198 shares at N15.50 per share. However, this initial plan was put on hold due to legal disputes from a dissatisfied shareholder.
FBN Holdings has since revised its approach, with the updated rights issue expected to be a key topic at the forthcoming Annual General Meeting. The funds raised will be utilized to enhance the company's capital adequacy ratio and support its growth objectives, including further investments in its subsidiaries.
The decision to unify its brand under the First Holdco Plc name is in line with the company's overarching financial strategy.
For the name change and rights issue to move forward, shareholder approval for both proposals is required at the upcoming AGM. Furthermore, FBN Holdings must obtain the necessary endorsements from regulatory authorities, including the Nigerian Exchange Limited (NGX) and the Central Bank of Nigeria (CBN).
Once all approvals are secured, the company will update its governance documents and implement the rebranding initiative throughout its operations. This AGM is anticipated to play a pivotal role in FBN Holdings’ ongoing transformation as the company gears up for its next growth phase.