FBN Holdings cancels extraordinary meeting for N300 billion capital raise

FBN Holdings Plc has cancelled its extraordinary general meeting (EGM) scheduled to hold virtually on Tuesday, April 30, 2024.

This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) and the investment public seen by Nairametrics.

First Bank Holding Plc, a leading commercial bank in the country, had announced its intention to seek shareholders’ approval for raising an additional N300 billion in capital at the group’s upcoming EGM scheduled to be held virtually on Tuesday, April 30, 2024.

The statement reads:

• “The Extraordinary General Meeting of the members of FBN Holdings Plc, earlier scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m for the consideration and authorization of the Company to undertake a Capital raise of up to N300,000,000.00 and other ancillary matters is hereby cancelled.”

The statement signed by Adewale Arogundade, Ag. Company Secretary, noted that further information will be provided in due course, as appropriate.

Though no reason was given for the cancellation of the EGM but it might not be unconnected with the news of resignation of its Managing Director, Adesola Adeduntan, from his role in the company.

The decision is coming the same day the MD of the FBNH announced his retirement.

Nairametrics recently reported that First Bank Holding Plc, one of the nation’s premier commercial banks, will seek shareholders’ approval to raise N300 billion in additional capital at the group’s EGM scheduled to hold virtually on Tuesday, April 30, 2024.

This was contained in the group’s amended notice of the Extradentary General Meeting seen by Nairametrics.

According to the notice, the capital raise transaction would be by shares issuance via public offer, private placement or rights issue in the Nigerian or international capital markets at price to be determined by way of a book-building process or any other valuation method or combination of methods.

The notice said the issuance of shares will be in such tranches, series, or proportions and at such periods 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 obtaining the approvals of the relevant regularly authorities.