Shareholders of FBN Holdings (FBNH) have approved the appointment of Lagos businessman, Mr Femi Otedola as a non-executive director of Nigeria’s oldest financial services group.

At the just concluded annual General Meeting (AGM), shareholders also approved increase in authorised share capital and a proposed N150 billion rights issue, with mandates to the board of directors to dictate the terms and conditions of the rights as well as dispose off rights not taken up during the period.

Two main issues- Otedola directorship and new capital raising were at the heart of long-running intrigues around the AGM, which pitched pro-Otedola shareholders against renowned businessman and former chairman of the bank, Mr Oba Otudeko.

Shareholders at the AGM approved all resolutions, including the approval of the audited financial statements and accounts for the year ended December 31, 2022, payment of a dividend per share of 50 kobo and all other ordinary businesses.

Also, Executive Director, Finance, FBN Holdings, Mr Samson Oyewale Ariyibi, who was appointed by the board and approved by the CBN in 2022 was presented to shareholders and was approved.

The board and management of FBNH had on Monday made brisk efforts to prevent the suspension of the AGM, after a group allegedly sponsored by Otudeko obtained an ex parte court order stopping the AGM

The board of FBNH however succeeded in clearing all hurdles, and filed a confirmatory notice at the Nigerian Exchange (NGX) that it had sufficient grounds to proceed with the general meeting as scheduled today.