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FBN Holdings, a financial holding company, will seek shareholder approval for a new capital raise of N350 billion at its upcoming annual general meeting.
The firm also is considering a change of its legal and brand name to FirstHoldco Plc, according to a notice of the AGM from the Holdco, which was filed with the Nigerian Exchange Limited on Friday.
The notice filed by the Acting Company Secretary, Adewale Arogundade, also indicated that as a special resolution, shareholders would consider and if thought fit, pass, “That there should be a change of the legal and brand names of the Company from FBN Holdings Pic and FBNHoldings to First Holdco Plc and FirstHoldco respectively.
“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc.”
On the capital raising efforts, shareholders will consider and vote “That the Company be and is hereby authorised to undertake a capital raise of up to N350bn.
“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, rights issue In the Nigerian or international capital markets, at price(s) to be determined by way of a book building process or any other valuation method or 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 (the “directors”), subject to obtaining the approvals of the relevant regulatory authorities.”
Earlier on Friday, FBNHoldings announced the appointment of Adebowale Oyedeji as its new group managing director.
According to the group, Oyedeji’s appointment, which takes effect November 13, is subject to the approval of the Central Bank of Nigeria and ratification of the shareholders at the annual general meeting of the company.
Speaking on the appointment, the Chairman of FBNHoldings, Femi Otedola, said, “The board is pleased to welcome Wale Oyedeji to the Holdco and looking forward to him building on the solid foundation of 130-year-old franchise and sustaining its undisputed leadership position.”
According to the corporate notice, Oyedieji replaces Nnamdi Okonkwo, who will be retiring from the company after the completion of his term.
The newly-appointed GMD holds a Bachelor of Science in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London.
He is a Fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of the Advanced Management Programme of Harvard Business School.
He has over 30 years of banking experience across corporate banking, treasury, commercial banking and general management.
He served as managing director of Guaranty Trust Bank UK between 2008 and 2011. He was appointed to the board of Guaranty Trust Bank in October 2011, where he served as executive director for the corporate banking group and contributed immensely to the growth and transformation of the business.
He also served as an independent non-executive director of Stanbic 1BTC Bank.
Before he was appointed the GMD of FBNHoldings, Oyedeji was the MD/CEO of Nova Commercial Bank and contributed to the institution’s conversion to a commercial bank as well as its foray into retail banking.
He began his early career with the firm of Ernst & Young, where he initially trained as an accountant.
