By Abiola Olawale
First Bank of Nigeria Holdings Plc has announced a proposal to change its legal and brand name to First Holdco Plc.
The financial institution is set to finalise the change of name at its forthcoming 12th Annual General Meeting (AGM), scheduled for November 14, 2024.
This was announced in a notice of its AGM signed by Adewale Arogundade, acting company secretary.
The notice reads in part: “The shift to “First Holdco Plc” represents a significant moment for FBN Holdings, aiming to modernise its identity and streamline its corporate structure.
“The upcoming AGM is expected to be a pivotal moment in FBN Holdings’ transformation as it positions itself for future growth and market leadership.”
The New Diplomat reports that the proposed name change comes amid FBN Holdings’ ongoing efforts to raise capital and strengthen its balance sheet.
It would be recalled that a fierce legal battle between shareholders of First Bank Holdings Plc had been a stumbling block against the financial institution’s bid to raise fresh capital of N350 billion.
Several annual general meetings of the company have been cancelled.
The latest, which was meant to be held on September 3, 2024, was cancelled following an order of the Federal High Court sitting in Lagos State at the request of a shareholder, Tohir Folorunsho Ismaila.
The legal tussle in FBN Holdings stemmed from a dispute between the bank and its former Chairman, Oba Otudeko, over the true state of his shareholding.
Otudeko had initiated a legal action against FBN Holdings, seeking a court order to compel the financial institution to recognise his investment vehicle, Barbican Capital, as the largest shareholder in the bank.
Otudeko claimed Barbican Capital owns a 15.01 per cent stake amounting to 5.38 billion units.
However, the bank insists that Otedola, who holds a 9.41 per cent share, is the largest shareholder.
First Bank argued that Barbican and Otudeko could not provide evidence of the purchase of some of the shares it claims to own.
According to court papers, First Bank further argued that Barbican is concealing the fact of an ongoing verification exercise by the Central Bank of Nigeria of its alleged significant shareholdings.
Meanwhile, 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.
