FBN Holdings, a prominent financial holding company in Nigeria, is preparing to seek shareholder approval for a substantial capital raise amounting to N350 billion at its forthcoming annual general meeting (AGM). This initiative is part of the company’s strategic efforts to bolster its financial capabilities and support its long-term growth objectives. In conjunction with the capital raise, FBN Holdings is also contemplating a shift in its legal and brand identity, proposing a new name: FirstHoldco Plc. The announcement was made in a notice filed with the Nigerian Exchange Limited, which detailed the proposed name changes for the company and its subsidiaries. Such a rebranding effort could signify a fresh direction for the company, aligning with its broader ambitions in the competitive financial landscape.
During the AGM, shareholders will deliberate on the capital raise, which is designed to allow the company to undertake various transactions, potentially through multiple methods such as public offerings, private placements, or rights issues in either Nigerian or international capital markets. The terms of the capital raise will include pricing determined by a book-building process, with the specific proportions, series, and maturity periods being left to the discretion of the company’s board of directors. Any capital raise is contingent upon securing the necessary approvals from regulatory authorities, highlighting the company’s commitment to adherence to governance and regulatory standards.
Additionally, the company announced the appointment of Adebowale Oyedeji as its new Group Managing Director (GMD). His tenure starts on November 13 and is subject to approval by the Central Bank of Nigeria and ratification by shareholders during the AGM. Oyedeji’s appointment comes as part of the company’s strategy to maintain its leadership position in the market, as emphasized by FBN Holdings Chairman Femi Otedola. He expressed optimism that Oyedeji would build upon the company’s rich 130-year legacy while continuing to foster its competitive edge in the financial services sector.
A brief background on Oyedeji reveals a strong professional foundation that reinforces his capability to lead FBN Holdings. He holds a Bachelor of Science in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London. As a Fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of Harvard Business School’s Advanced Management Programme, he possesses an extensive academic background. His over 30 years of experience in banking encompasses various areas, including corporate banking, treasury, and general management, ensuring that he is well-versed in essential business dynamics.
Prior to his appointment as GMD, Oyedeji served as the managing director of Guaranty Trust Bank UK from 2008 to 2011 and held significant positions within Guaranty Trust Bank thereafter, playing a crucial role in the bank’s growth and transformation. His earlier experience includes serving as an independent non-executive director for Stanbic IBTC Bank and being the MD/CEO of Nova Commercial Bank, where he contributed to the bank’s development into a commercial entity with a successful retail banking division. His career began at Ernst & Young, where he received rigorous training in accounting, providing him with a strong financial acumen necessary for his leadership role.
Overall, FBN Holdings is positioned for a transformative phase as it seeks to raise significant capital and implement a new branding strategy. The appointment of Adebowale Oyedeji as GMD brings a wealth of experience and expertise to the company, ensuring that it is well-equipped to navigate the challenges of the market. As stakeholders look forward to the AGM, the outcomes of these proposed changes could pave the way for a renewed commitment to excellence and growth for FBN Holdings in Nigeria’s dynamic financial sector.
