FBN Holdings Plc has reiterated its dedication to upholding strong corporate governance, despite calls for an Extraordinary General Meeting (EGM) from two of its shareholders.
In response to media inquiries, the Company’s Secretary, Adewale Arogundade, released a statement to the Nigerian Exchange Limited (NGX), assuring stakeholders that the ongoing discussions surrounding the EGM do not affect the company’s operations.
He stated, “The attention of FBN Holdings Plc has been drawn to a media report on the call for an EGM by two shareholders. This matter does not impact the operations of the company or its subsidiaries. Our businesses remain focused on delivering uninterrupted services to customers.”
Arogundade further reassured shareholders, investors, and the public of the company’s commitment to protecting their interests, emphasizing FBN Holdings’ strong financial performance and improved market capitalization.
He highlighted that the company is well-positioned to surpass regulatory capital requirements ahead of schedule.
Additionally, he noted that the Registrar and Lead Issuing House are finalizing returns from receiving agents concerning the recently concluded Rights Issue, which closed on December 30, 2024.
Reacting to the developments, Patrick Ajudua, Chairman of the New Dimension Shareholders Association of Nigeria (NDSAN), emphasized the importance of resolving disputes for the bank’s survival.
He said, “Stakeholders must prioritize the bank’s interests above personal gains. Regulatory authorities must ensure strict adherence to rules to prevent a potential collapse that could lead to a takeover and loss of investments.”
Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), urged all parties to resolve their differences amicably.
He remarked, “First Bank is over 130 years old, a unique and strategic institution vital to Nigeria’s economy. I appeal to all stakeholders to put aside their differences and work for the collective good of the bank.”
He added, “When two brothers fight over inheritance, a stranger takes over. The bank is big enough for all stakeholders, and I urge the apex regulator to intervene and resolve the issues at hand.”
Despite the challenges, FBN Holdings remains steadfast in its commitment to maintaining the highest standards of corporate governance and ensuring the stability of its operations.
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