FBN Holdings has declared a dividend of 40 kobo per 50 kobo ordinary share, amounting to a total of N14,358,117,116.40 (fourteen billion, three hundred fifty-eight million, one hundred seventeen thousand, one hundred sixteen naira and forty kobo), which will be allocated to registered shareholders.
This declaration was made public in a regulatory announcement to the Nigerian Exchange (NGX), highlighting the significant decisions reached during the company’s recent 12th Annual General Meeting (AGM).
Among the resolutions adopted, shareholders endorsed the audited financial statements for the fiscal year ending December 31, 2023, as well as reports from the board of directors, auditors, appraisers, and various committees.
Additionally, FBN Holdings has decided to raise N350 billion (three hundred and fifty billion naira) in new capital by issuing shares through public offerings, private placements, or rights issues, with a focus on both domestic and international capital markets.
The company provided insights into its pricing strategy for this capital raise, detailing:
“The price will be determined by way of book building or any other valuation method, or a combination of methods, in such tranches, series, or proportions and at such periods or dates, coupon or interest rates, within such maturity periods, and upon such other terms and conditions as may be determined by the Board of Directors, subject to regulatory approvals.”
A resolution has been adopted to officially change the company's legal name and brand identity from FBN Holdings Plc and FBNHoldings to First Holdco Plc and First Holdco, respectively. This rebranding initiative will extend to all subsidiaries within the group.
The Board has also approved the election of Dr. Abiodun Fatede and Olusegun Alebiosu as non-executive directors, in addition to Kofo Dosekun, Dr. Alimi Abdul-Razaq, and Dr. Peter Aliogo, who will serve as independent non-executive directors. Furthermore, Adebowale Oyedeji has been confirmed as the Group Managing Director.
For the statutory audit committee, Vitalis Anyalam, Hauwa Umar, and Matthew Akinlade have been appointed as shareholder representatives, alongside independent non-executive director Dr. Peter Aliogo and non-executive director Julius Omodayo-Owotuga.
The meeting also determined that the directors' fees for the financial year ending December 2024 will be set at N50,000,000 (fifty million naira) per director, while the board chairman's fee will be established at N63,700,000 (sixty-three million, seven hundred thousand naira).
Additionally, it was noted that the remuneration and expenses for the company’s auditor, Messrs. KPMG Professional Services, will be decided by the directors for the period leading up to the next annual general meeting.
On October 18, FBN Holdings informed the Nigerian Exchange (NGX) and the public about its intention to hold its 12th Annual General Meeting (AGM). The agenda for the meeting included both routine items and special business, notably the proposed name change from FBN Holdings Plc and FBNHoldings to First Holdco Plc and First Holdco.
Prior to this, the company had announced the appointment of Adebowale (Wale) Oyedeji as Group Managing Director, effective November 13, 2024. This appointment required regulatory approval from the Central Bank of Nigeria (CBN) and ratification by shareholders at the AGM, and it has now been finalized despite attempts to disrupt the meeting.
Prior to the 12th Annual General Meeting (AGM) of FBN Holdings, a legal conflict arose when shareholder Tohir Folorunsho Ismaila attempted to prevent the meeting, claiming it was convened improperly.
This case, which stemmed from the tensions following Oba Otudeko's removal as chairman by the CBN, was perceived as a direct challenge to the existing leadership of FBN Holdings.
Nevertheless, on September 12, 2024, the Federal High Court in Lagos rejected Ismaila’s petition, confirming the legitimacy of the AGM and reinforcing the board's authority.