FBN Holdings Announces New GMD to Replace Okonkwo, Distribute N14.4 billion Dividend
- FBN Holdings' shareholders approved a dividend of N14.4 billion for the fiscal year ended December 31, 2023
- Shareholders' consents were requested for the approval of Adebowale Oyedeji as the new group managing director
- The leadership change marks a significant turning point as the Board of Directors looks to preserve continuity
Legit.ng journalist Zainab Iwayemi has 5 years of experience covering the Economy, Technology, and Capital Market.
FBN Holdings' shareholders unanimously approved a dividend of N14.4 billion on Thursday, November 14, for the fiscal year ended December 31, 2023. The authorized dividend is equivalent to 40k per share.
Source: UGC
The consent was granted during the virtual 12th Annual General Meeting of the firm.
Representing FBN Holdings Chairman Femi Otedola, Dr. Alimi Abdul-Razaq asked the shareholders for their approval at the Annual General Meeting to select Adebowale Oyedeji as the new Group Managing Director, AriseTV reported.
Oyedeji, a seasoned professional with a proven track record in the financial sector succeeds Nnamdi Okonkwo at the conclusion of his tenure.
For FBN Holdings, the change in leadership represents a major turning point as the Board of Directors seeks to maintain continuity and promote long-term growth for the company.
Oyedeji's extensive background and strategic thinking make him an ideal choice to lead the business toward accomplishing its long-term goals while maintaining its dedication to providing value to shareholders.
According to Abdul-Razaq, the board's confidence in Oyedeji's leadership skills and outlook for FBN Holdings' future is reflected in the appointment.
At the AGM, the business requested shareholder approval for an additional N350 billion on top of the current N150 billion right issues.
Abdul-Razaq said,
“It is important to note that these funds will be allocated carefully and strategically to support the bank in achieving its objectives and fulfilling its obligations to its stakeholders.
“The prudent use of these combined funds will enable the bank to strengthen its financial position, enhance its operational capabilities, and better serve its customers and the community at large.
“This significant capital injection reflects the company’s commitment to sustainable growth and value creation, while also ensuring compliance with regulatory requirements and industry best practices.
“As we move forward with this proposal, we remain dedicated to transparent communication, effective governance, and responsible decision-making to secure the long-term prosperity and success of the firm.”
First Bank Holdings proposes new name
Legit.ng reported that FBN Holdings Plc had announced plans to change its legal and brand name to First HoldCo Plc at its upcoming 12 Annual General Meeting (AGM) on November 14, 2024.
The bank announced this in a notice signed by the company's acting secretary, Adewale Arogundade.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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