The appointment of Mr Adebowale Oyedeji as the incoming Group Managing Director of FBN Holdings has been approved by shareholders.
Oyedeji, a seasoned professional with a proven track record in the financial sector, would succeed Mr Nnamdi Okonkwo at the conclusion of his tenure.
The company in a statement, said that the transition in leadership marks a significant milestone for FBN Holdings as the Board of Directors aims to ensure continuity and drive sustainable growth for the organisation.
“Oyedeji’s wealth of experience and strategic acumen position him as a fitting candidate to steer the company towards achieving its long-term objectives while upholding its commitment to delivering value to shareholders.”
Dr. Alimi Abdul-Razaq, who represented the Chairman of the company, Mr Femi Otedola, said the decision to appoint Oyedeji reflects the board’s confidence in his leadership capabilities and vision for the future of FBN Holdings.
The shareholders also approved a total of N14.4 billion as dividend for the financial year ended Dec. 31, 2023, translating to 40k per share. These decisions were taken at the FBN Holdings 12th Annual General Meeting which was conducted virtually on Thursday.
During the meeting also, the company sought shareholder’s approval for an additional N350 billion, in addition to the recent N150 billion right issue.
“It is important to note that these funds will be allocated carefully and strategically to support the bank in achieving its objectives and fulfilling its obligations to its stakeholders.
“The prudent use of these combined funds will enable the bank to strengthen its financial position, enhance its operational capabilities, and better serve its customers and the community at large.
“This significant capital injection reflects the company’s commitment to sustainable growth and value creation, while also ensuring compliance with regulatory requirements and industry best practices.
“As we move forward with this proposal, we remain dedicated to transparent communication, effective governance, and responsible decision-making to secure the long-term prosperity and success of the firm,” Abdul-Razaq said.
The shareholders then gave their approval for the capital raise of up to N350 billion by the year 2025.
The statement said that the decision to raise N350 billion will be through various financial instruments and opportunities such as public offerings, private placements, and rights issues in both local and international capital markets.
“The pricing mechanisms for these activities will be determined through rigorous valuation methods such as book building processes, ensuring transparency and fair market value.”
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