A group of shareholders of First Bank of Nigeria (FBN) Holdings has called for an Extraordinary General Meeting (EGM) to remove the current chairman, Femi Otedola. The shareholders expressed dissatisfaction with Otedola’s leadership, citing concerns over corporate governance and the management of the bank’s affairs since his assumption of office in 2022.
According to reports, the shareholders allege that Otedola’s influence on the board has been detrimental to the interests of minority investors. They claim that his decisions have prioritized personal gains over the long-term stability and growth of the bank. These grievances have prompted a formal petition to the company secretary to convene an EGM.
The shareholders are also calling for a review of some key transactions carried out under Otedola’s chairmanship. They argue that these transactions, which have not been properly disclosed, have eroded shareholder confidence. The petition further highlights concerns over transparency and accountability in the bank’s operations.
In response, FBN Holdings stated that it is aware of the petition but assured stakeholders that it remains committed to upholding best practices in corporate governance. The company emphasized that it will address the issues raised in accordance with regulatory guidelines and its internal policies.
Femi Otedola, a billionaire investor, became the largest shareholder of FBN Holdings in 2021 after acquiring a significant stake in the company. His appointment as chairman in 2022 was seen as a move to stabilize the bank. However, the ongoing tension between the board and some shareholders may lead to significant changes in the bank’s leadership.
