FBN Holdings appoints Adebowale Oyedeji, ex-Nova Bank MD as GMD
…proposes name change to First HoldCo Plc at upcoming AGM
FBN Holdings Plc has appointed Adebowale Oyedeji as its group managing director (GMD).
The notice of the appointment was contained in a corporate disclosure notice filed to the Nigerian Exchange Group on Friday by the Holdco’s Company Secretary, Mr. Adewale Arogundade
FBN Holdings said the appointment of Oyedeji, managing director (MD) of Nova Commercial Bank is with effect from November 13 and is in line with the NGX Rule Book.
The company said the appointment is subject to the approval of the Central Bank of Nigeria (CBN) and ratification of the shareholders at the annual general meeting (AGM).
FBN Holdings said before his appointment, Oyedeji was the managing director (MD) and chief executive officer (CEO) of Nova Commercial Bank, where he contributed to the institution’s conversion to a commercial bank as well as its foray into retail banking.
“In accordance with the NGX rulebook, we notify the NGX and the investing public that the company’s Board of Directors has appointed Adebowale Oyedeji as the Holdings’ GMD, effective November 13, 2024,” Arogundade said.
He added that Oyedeji, a seasoned professional, would replace Nnamdi Okonkwo, who would retire after completing his term.
“At FBNHoldings, Wale would lead the executive teams at the HoldCo and the various subsidiaries to Implement its new 5-year Strategic plan,” the company said.
Speaking on the appointment, Femi Otedola, the chairman of FBNHoldings, said the board is pleased to welcome Oyedeji “to the Holdco and looking forward to him building on the solid foundation of the 130-year-old franchise and sustaining its undisputed leadership position.”
…FBN Holdings proposes name change to First Holdco Plc at upcoming AGM
Meanwhile FBN Holdings Plc has announced a proposal to change its legal and brand name to First Holdco Plc at its forthcoming 12th Annual General Meeting (AGM), scheduled for November 14, 2024.
This proposed rebranding, which will also extend to its subsidiaries, is part of a series of special resolutions to be considered by shareholders at the AGM.
The company’s directors will be authorised to take all necessary actions to execute the name change, including amending the company’s Memorandum and Articles of Association to reflect the new legal name and share capital structure, subject to regulatory approvals.
The rebranding to First Holdco Plc marks a pivotal moment for FBN Holdings as it seeks to modernise its identity and streamline its corporate structure.
This change is designed to better reflect the company’s evolution into a diversified financial services group, while still maintaining its position as one of Nigeria’s most established financial institutions, with over 130 years of history.
By extending the new name across all its subsidiaries, FBN Holdings aims to present a unified brand that strengthens its market presence and aligns with its long-term strategic vision.
The proposed name change comes amid FBN Holdings’ ongoing efforts to raise capital and strengthen its balance sheet.
Reportedly, the company recently revised its proposed Rights Issue to N25 per share, seeking to raise N350 billion.
This rights issue will allow the company to issue 5,982,548,799 ordinary shares of 50 kobo each at N25 per share, on the basis of 1 new ordinary share for every 6 ordinary shares held as of October 18, 2024.
Initially, the company had planned a larger capital raise, proposing to issue 8,973,823,198 shares at N15.50 per share.
However, the earlier proposal was suspended, following legal challenges from an aggrieved shareholder.
FBN Holdings has since adjusted its strategy, with the revised rights issue set to be a major agenda item at the upcoming AGM.
The capital raised will be used to improve the company’s capital adequacy ratio and support its growth ambitions, including further investments in its subsidiaries.
The move to consolidate its brand under the First Holdco Plc name aligns with this broader financial strategy.
For the name change and rights issue to proceed, both proposals must be approved by shareholders at the AGM.
Additionally, FBN Holdings will need to secure necessary approvals from regulatory bodies, including the Nigerian Exchange Limited (NGX) and the Central Bank of Nigeria (CBN).
Once all approvals are in place, the company will amend its governance documents and roll out the rebranding initiative across its operations.
This AGM is expected to be a critical step in FBN Holdings’ ongoing transformation, as the company prepares for its next phase of growth.
