Femi Otedola Appointed Non-Executive Director Of FBN Holdings; Company Seeks Stay Of AGM Proceedings

Femi Otedola Appointed Non-Executive Director Of FBN Holdings; Company Seeks Stay Of AGM Proceedings

FBN Holdings Plc has introduced Mr. Femi Otedola as a Non-Executive Director, following his approval by shareholders during the 11th Annual General Meeting (AGM).

The announcement was made on the Nigerian Exchange Limited (NGX), with the endorsement of the Central Bank of Nigeria (CBN).

Mr. Adewale Arogundade, acting company secretary of FBN Holdings, confirmed the appointment in a statement on NGX’s website.

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Otedola’s appointment is part of the AGM’s resolutions, which centered on his directorship and a proposed N150 billion rights issue.

Otedola assumed the role of non-executive director on July 9, 2023. This move coincided with a special purpose vehicle associated with Oba Otudeko’s children acquiring the largest individual shareholding, constituting 13.3% of the group’s issued shares.

This acquisition followed regulatory intervention that led to Otudeko’s departure as director and chairman.

Describing Otedola, Arogundade hailed him as a visionary entrepreneur committed to transforming enterprises for growth.

Otedola’s contributions to the oil industry are notable, including the establishment of Zenon Petroleum and Gas Limited, which revolutionized the downstream sector. His involvement in various sectors and his philanthropic endeavors demonstrate his commitment to Nigeria’s progress.

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Meanwhile, FBN Holdings has sought a Federal High Court’s stay of execution of an ex-parte order restraining the company from holding its AGM.

The court has been asked to halt proceedings until the hearing of the appeal at the Court of Appeal. The order was allegedly ignored by FBN Holdings, prompting concerns from aggrieved shareholders who initiated the suit.

The hearing of this matter is scheduled for August 23, 2023.

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FBN Holdings asserts that complying with the previous court ruling could undermine the Court of Appeal’s decision and damage the subject matter if execution is not suspended.

The company is striving to balance legal proceedings while maintaining its operational integrity.