First Bank Holding Plc has announced the appointment of billionaire investor, Mr. Femi Otedola, as a Non-Executive Director, pending the approval of its shareholders at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.

The notice of the meeting sent to shareholders listed Otedola as a substantial shareholder, holding 5.57 percent of the total shareholdings. This translates to 10,000,000 units of shares directly held and 1,989,342,376 units of shares held indirectly under Calvados Global Limited as of June 30, 2023.

In addition, the group is seeking shareholders’ approval to raise additional capital at the AGM. The proposed capital raise transaction will be through a Rights Issue, subject to the determination of terms and conditions by the Directors and approval from the relevant regulatory authorities.

“That the Rights Issue referred to in Resolution may be underwritten on such terms as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities. That the shareholders, under Resolution, will waive their preemptive rights to any unsubscribed shares under the Rights Issue in the event of an under-subscription.

“That the Directors be authorized to appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.

“That Clause 6 of the Memorandum of Association of the Company be amended to reflect the newly issued share capital of 22.435 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.

“That the Directors’ fees for the financial year ending December 31, 2023, and for succeeding years, until reviewed by the Annual General Meeting, be fixed at N50 million for each Director and N63.7 million for the Board Chairman That the Company’s Issued Share Capital be increased from N17.948 billion made up of 35.895 billion Ordinary shares of 50 Kobo each to N22.434 billion by the creation of 8.974 billion Ordinary shares of 50 Kobo each”.

FBN Holdings Plc reported N206.3 billion profit after tax in its unaudited financial statements for the first half (H1) of the year ended June 30, 2023.

The Holding Company’s first-half results released on the NGX showed profit before tax grew by 213.8 percent from N65.7 billion in H1, 2022 to N206.3 billion in the first half of 2023.

Profit after tax rose by 231.1 percent to N187.2 billion as against N56.5 billion in the first half of 2022, while earnings per share also rose by 234 percent to N5.19 higher than N1.55 in 2022.

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