In response to a THISDAY Newspaper report, FBN Holdings Plc management clarified yesterday that the shareholder-requested Extraordinary General Meeting (EGM) will not impact ongoing company operations or those of its subsidiaries.
A shareholder group representing 10% of the company's shares has formally requested, pursuant to Section 215(1) of CAMA, that the company convene an Extraordinary General Meeting (EGM) within 21 days.
The primary agenda item for this proposed EGM is to consider the removal of Mr. Femi Otedola, Chairman of FBN, and Mr. Julius Omodayo-Owotuga, Non-Executive/Deputy Chief Executive of Geregu Power Plc.
In a statement issued by the company secretary, Adewale Arogundade, the bank reaffirmed its dedication to safeguarding the interests of all stakeholders and ensuring the stability of its operations.
The statement emphasized the company's robust financial performance, which has resulted in a rise in market capitalization, and confirmed its preparedness to exceed the regulatory minimum capital requirements ahead of the stipulated deadline.
It reads: “The attention of FBN Holdings has been drawn to a media publication on the call for EGM by two of the company’s shareholders.
“This matter does not in any way impact the operations of the Company, and all the businesses within the Group continue to provide uninterrupted services to its customers.
“We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the Company and its subsidiaries.
“The Group’s performance continues to improve, resulting in a higher market capitalisation even as we work towards surpassing the regulatory minimum capital well ahead of the deadline.”
The bank announced that the registrars and Lead Issuing House are currently gathering the returns from all receiving agents related to the company’s rights issue, which concluded on December 30, 2024.
Additionally, it emphasized that the bank and its subsidiaries are dedicated to upholding the highest standards of corporate governance.