FBN Holdings says it’s taking all crucial steps to safeguard the pursuits of the corporate and its subsidiaries.
This is available in response to reviews of a gaggle of shareholders formally requesting an Extraordinary Basic Assembly (EGM) aimed toward eradicating FBN Chairman Femi Otedola and Julius B. Omodayo-Owotuga, a Non-executive/Deputy Chief Government of Geregu Energy Plc.
In a press release obtained by Nairametrics on Thursday, FBN Holdings mentioned that the continuing state of affairs doesn’t have an effect on the operations of the corporate.
“This matter doesn’t in any approach impression the operations of the Firm, and all the companies inside the Group proceed to offer uninterrupted providers to its clients,” it said.
The bank mentioned it’s dedicated to its valued clients, shareholders, buyers, different stakeholders, and most people, assuring them that each crucial step is being taken to guard the pursuits of the corporate and its subsidiaries.
Shareholders Voice Considerations Over Otedola’s Management
- Some shareholders have expressed dissatisfaction with Otedola’s management model, alleging that his important acquisition of shares, influenced by former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has led to unrest inside the monetary establishment.
- In line with these shareholders, Emefiele had invited the previous Chief Government Officer of FirstBank, Dr. Adesola Adeduntan, to work with Otedola to facilitate his takeover of the bank.
- This collaboration allegedly led to Otedola changing into a non-executive with out safety clearance from the Division of State Safety (DSS) and the Financial and Monetary Crimes Fee (EFCC).
- Regardless of these allegations, FBN Holdings maintains that its efficiency continues to enhance, with a better market capitalization and a dedication to surpassing regulatory minimal capital necessities effectively forward of the deadline.
What you need to know
- The shareholders have raised a number of issues about Otedola’s management. They declare that after efficiently taking up the bank, Otedola focused key figures for removing, together with Dr. Adesola Adeduntan, Tunde Hassan-Odukale (former Chairman of First Bank of Nigeria Restricted), and Tosin Adewuyi, who was bypassed for the CEO place regardless of being the highest candidate in an interview carried out by a worldwide recruitment company.
- Moreover, shareholders are apprehensive about Otedola’s management, with private employees like Omodayo-Owotuga holding important positions on the Holdco and the bank. This management raises fears amongst shareholders that with the non-public placement of N360 billion shares, Otedola may wield absolute management, doubtlessly compromising checks, balances, and company governance.
Nevertheless, FBNHoldings reiterated its dedication to company governance, stating, “The Registrar and Lead Issuing Home are collating the returns from all receiving brokers in respect of the Firm’s Rights Problem which closed on December 30, 2024.”
It reaffirmed that FBNHoldings and its subsidiaries stay devoted to the best degree of company governance.
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