Billionaire Femi Otedola has been appointed as a Non-Executive Director of First Bank Holding Plc, a move that comes in the wake of Oba Otudeko emerging as the largest shareholder in the company.
The appointment of Mr. Femi Otedola is contingent upon the approval of shareholders, which is expected to take place at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.
First Bank Holding Plc has listed Otedola as a substantial shareholder, holding 5.57 percent, representing 10,000,000 direct shares and 1,989,342,376 indirect shares under Calvados Global Limited. The notice sent to shareholders ahead of the AGM also outlines resolutions related to a Rights Issue, which may be underwritten on terms to be determined by the Directors, subject to regulatory approvals. Shareholders, under the proposed resolution, will waive their preemptive rights to any unsubscribed shares in the event of an under-subscription.
Furthermore, the management seeks shareholder approval for an additional capital raise at the AGM scheduled for August 15, 2023. The capital raise will be executed through a Rights Issue, with terms and conditions to be determined by the Directors and subject to obtaining regulatory approvals. The proposed resolution allows for the underwriting of the Rights Issue on terms determined by the Directors and grants shareholders the flexibility to waive preemptive rights to unsubscribed shares in case of under-subscription.
The Directors are seeking authorization to appoint professional parties and advisers to facilitate necessary actions and compliance with regulatory directives to give effect to the outlined resolutions. These proposed initiatives underscore First Bank Holding Plc’s strategic efforts to enhance its capital base and accommodate changes in shareholding structure.
