FBN Holdings Plc, a financial services group, will seek approval from shareholders to raise fresh capital at its upcoming annual general meeting
The group plans to raise funds through a rights issue by creating 8.974 billion Ordinary shares at 50 kobo each, increasing its issued share capital from NGN 17.95 billion to N22.35 billion.
Shareholders will consider and approve the capital raise transaction, subject to regulatory approvals, to be determined by the directors.
The AGM will also see the appointment of billionaire investor Mr. Femi Otedola as a non-executive director and the approval of Samson Ariyibi’s appointment as the executive director, finance, investment, management, and oversight.
Opinion: The decision by FBN Holdings to raise capital through a rights issue demonstrates the company’s efforts to strengthen its financial position and pursue growth opportunities. By seeking approval from shareholders and appointing Mr. Femi Otedola as a non-executive director, the company is signaling its commitment to strategic leadership and prudent financial management.