Some shareholders of First Bank Nigeria Holding, FBNH Plc, have voiced their support for the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023. They stand against a group of disgruntled shareholders attempting to halt the AGM and have called on regulatory authorities to intervene.
Under the banner of the Trustee Shareholders Association of Nigeria (TSAN), a peaceful protest was organized at the First Bank’s Head Office in Lagos, with guidance from the Nigeria Police. The TSAN insists that the AGM must proceed as scheduled since it is a statutory requirement.
Alhaji Mukhtar Mukhtar, Chairman of TSAN, addressed the situation on behalf of the minority shareholders. He expressed dismay at the attempt to prevent the AGM and halt critical resolutions related to the bank’s interests, including raising capital and appointing new directors.
A petition from Olusegun Samuel Onagoruwa led to a judicial order seeking to stop the AGM and prevent FBN Holdings from raising capital or making any significant decisions. Supporters of the new majority shareholding, led by Barbican Capital Limited (linked to Honeywell Group Limited, HGL), believe that the acquisition of a 15.1% stake in FBN Holdings will be beneficial for all shareholders.
Some shareholders emphasized that the market operates on the principle of a free market, welcoming new investors and opportunities without barriers to entry or exit.
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