FBN Holdings proposes N350bn capital raise, appoints Oyedeji as new GMD

FBN Holdings PLC has fixed November 14, 2024 to hold crucial Annual General Meetings to decide on various items including the raising of N350 billion capital raise.

Another crucial decision that is expected to receive shareholders’ nod is the proposal to change the company’s name to First Holdings Co.

This was contained in the notice of the AGM signed by the Acting Company Secretary, Adewale Arogundade.

Daily Trust reports that the company announced a revision to its proposed Rights Issue, submitting a new application to the Nigerian Exchange Limited (NGX) for approval.

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The updated proposal seeks to issue 5,982,548,799 ordinary shares of 50 kobo each at N25 per share, replacing the previous offer of 8,973,823,198 ordinary shares at N15.50 per share.

The new Rights Issue is structured on the basis of one new ordinary share for every six ordinary shares held, with a qualification date of October 18, 2024.

According to the notice, the capital raise transaction “shall be implemented by one or more transactions through the issuance of shares, by way of a public offering, private placement, and rights issue in the Nigerian or international capital market…”

The company’s AGM will also see the approval of its rebranding proposal which involves changing the legal and brand name to First Holdco Plc.

This is part of the restructuring and modernisation of the bank’s corporate structure as it seeks to shore up capital which is the target of the proposed rights issue.

Meanwhile, FBN Holdings Plc has announced the appointment of Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024.

The appointment is subject to the approval of the Central Bank of Nigeria (CBN) and ratification by shareholders at the next annual general meeting.

The announcement was made in a statement posted on the website of the Nigerian Exchange on Friday and signed by the Ag. Company Secretary, Adewale Arogundade.

Wale Oyedeji described as a “consummate professional and charismatic leader” replaces Nnamdi Okonkwo, who will retire after completing his term.

The incoming GMD holds a Bachelor of Science degree in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the prestigious Advanced Management Programme at Harvard Business School.

He also has over 30 years of banking experience across corporate banking, treasury, commercial banking and general management.

Oyedeji was also appointed into the board of the Guaranty Trust Bank in October 2011 where he served as Executive Director for the Corporate Banking Group.

While in GTB, the statement said he contributed “immensely to the growth and transformation of the business,” while also serving as an Independent Non-Executive Director of Stanbic IBTC Bank.

His most recent position was as Managing Director/CEO of Nova Commercial Bank, where he played a key role in the institution’s transformation and expansion into retail banking.

Speaking on his appointment, the Group Chairman of FBN Holdings, Mr Femi Otedola said, “The board is pleased to welcome Wale Oyedeji to the Holdco and looks forward to him building on the solid foundation of our 130-year-old franchise and sustaining its undisputed leadership position.”

Daily Trust reports that his appointment is coming about 10 months after Otedola became the chairman of the group after emerging the largest individual shareholder of the bank.