FBN Holdings Plc has said that it is committed to good corporate governance in spite of the call for Extra Ordinary General Meeting, EGM, by two of its shareholders.
Responding to Vanguard’s enquiry through a statement to the Nigerian Exchange Limited, NGX, the Company’s Secretary, Adewale Arogundade, said: “The attention of FBN Holdings Plc has been drawn to a media publication on the call for an Extraordinary General Meeting (EGM) by two of the Company’s shareholders. This matter does not in any way impact the operations of the Company; and all the businesses within the Group as they continue to provide uninterrupted services to its customers.”
He further said: “We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the Company and its subsidiaries.
“The group’s performance continues to improve, resulting in a higher market capitalization even as we work towards surpassing the regulatory minimum capital well ahead of the deadline.
“In the meantime, the Registrar and Lead Issuing House are collating the returns from all receiving agents in respect of the Company’s Rights Issue which closed on December 30, 2024. FBN Holdings and its Subsidiaries remain committed to the highest level of corporate governance”.
Reacting to this development, Chairman, New Dimension Shareholders Association of Nigeria, NDSAN, Patrick Ajudua, said: “We have continuously advocate there is need for all stakeholders to ensure amicable settlement of dispute in the overall interest of the bank and to place the survival of the bank above their personal interest.
I believe that the regulator owes it a duty to ensure that rules and law are strictly followed in resolving the various contending issues as failure may lead to collapse of the bank and eventually resulting into regulatory takeover of the bank and loss of our investment”.
Also reacting, Moses Igbrude, National Coordinator, Independent Shareholders Association of Nigeria, ISAN, said: “First Bank is an institution of over 130 years it has been owned and run by different people at different times. Those contending should know that, First Bank is a unique and strategic bank with a history and heritage that has a systemic importance to the economy of Nigeria.
“In view of the above, I am appealing to all parties involved to shield their swords and give peace a chance. They should find a meeting point to work together for the good of the Bank and all stakeholders. They should remember the adage.
“When two brothers fight over inheritance a stranger will take it over”. The bank is big enough for every stakeholder. Also, the apex regulator of the market can come in here to address whatever issues on board through its regulatory role”.