Billionaire Femi Otedola Appointed Non-Executive Director of First Bank Holding Plc Amidst Shareholder Changes

First Bank Holding Plc has appointed billionaire Femi Otedola as Non-Executive Director following the emergence of Oba Otudeko as the largest shareholder.

Mr Femi Otedola appointment is subject to the approval of shareholders at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.

The financial institution listed Otedola as substantial shareholder with 5.57 per cent or 10,000,000 direct and 1,989,342,376 indirect shares held under Calvados Global Limited as of June 30, 2023 in the notice sent to shareholders ahead of AGM.

Also, the management is looking to secure shareholder approval to raise additional capital at the group’s Annual General Meeting (AGM) scheduled for August 15, 2023.

The capital raise transaction shall be by way of a Rights Issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of 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.