Dividend Payout
FBN Holdings has approved a dividend of 40 kobo per 50 kobo ordinary share, totaling ₦14.36 billion. The decision was made during the company’s 12th Annual General Meeting (AGM) and disclosed in a filing with the Nigerian Exchange (NGX).
Capital Raise
Shareholders also gave the green light for a ₦350 billion capital raise through public offerings, private placements, or rights issues, targeting both local and international markets. The pricing strategy will involve book building or other valuation methods as determined by the Board, subject to regulatory approvals.
Rebranding Initiative
The company will undergo a rebranding, changing its legal name and brand identity from “FBN Holdings Plc” to “First Holdco Plc.” This change will extend to all subsidiaries within the group.
Board Appointments and Remuneration
New appointments include Dr. Abiodun Fatede and Olusegun Alebiosu as non-executive directors, and three independent non-executive directors: Kofo Dosekun, Dr. Alimi Abdul-Razaq, and Dr. Peter Aliogo. Adebowale Oyedeji was confirmed as Group Managing Director.
For the statutory audit committee, shareholder representatives Vitalis Anyalam, Hauwa Umar, and Matthew Akinlade were appointed, alongside Dr. Peter Aliogo and Julius Omodayo-Owotuga.
Directors’ Fees and Auditor Remuneration
The AGM approved directors’ fees of ₦50 million per director and ₦63.7 million for the board chairman for the fiscal year ending December 2024. The remuneration of auditors, KPMG Professional Services, will be determined by the Board for the upcoming year.
Source: Nairametrices