FBN Holdings Appoints Adebowale Oyedeji As GMD, Seeks Name Change To First Holdco

FBN Holdings Plc has announced the appointment of Mr. Adebowale Oyedeji as its Group Managing Director (GMD), effective November 13, 2024.

The announcement was made in a corporate disclosure notice filed with the Nigerian Exchange Group recently by the company’s Secretary, Mr. Adewale Arogundade.

This appointment comes as part of a strategic transition for the organisation, as it prepares to embrace new growth opportunities while maintaining its leadership in the Nigerian financial services sector.

Mr. Oyedeji, who currently serves as the Managing Director (MD) of Nova Commercial Bank, is recognised for his instrumental role in transforming the institution into a commercial bank and spearheading its expansion into retail banking. His wealth of experience is anticipated to be crucial as he leads FBN Holdings’ executive teams to implement the company’s new five-year strategic plan.

“According to the NGX rulebook, we notify the NGX and the investing public that the company’s Board of Directors has appointed Adebowale Oyedeji as the Holdings’ GMD, effective November 13, 2024,” Mr. Arogundade stated.

He will succeed Mr. Nnamdi Okonkwo, who is set to retire after completing his term. Mr. Femi Otedola, Chairman of FBN Holdings, expressed the board’s enthusiasm in welcoming Mr. Oyedeji and highlighted the importance of building upon the strong foundation established over the 130 years of the company’s existence.

In addition to the leadership change, FBN Holdings is poised for a significant rebranding effort, proposing a change of its legal and brand name to First Holdco Plc at its upcoming 12th Annual General Meeting (AGM) scheduled for November 14, 2024.

This proposed rebranding aims to modernise the company’s identity and enhance its corporate structure, reflecting its evolution into a diversified financial services group while preserving its historical legacy as one of Nigeria’s most established financial institutions.

The directors will seek shareholder approval for the rebranding, along with a series of special resolutions aimed at facilitating the name change, which will also extend to its subsidiaries. The change necessitates amendments to the company’s Memorandum and Articles of Association, contingent on receiving regulatory approvals.

As part of its ongoing efforts to strengthen its capital base, FBN Holdings has also revised its proposed Rights Issue to N25 per share, seeking to raise a total of N350 billion. This revised rights issue will entail the issuance of approximately 5.98 billion ordinary shares at N25 each, based on a ratio of one new ordinary share for every six ordinary shares held as of October 18, 2024. This strategy follows the suspension of a larger capital raise proposal, which was met with legal challenges from an aggrieved shareholder.

The funds generated from this capital raise are earmarked to enhance the company’s capital adequacy ratio and support its growth ambitions, which include further investments in its subsidiaries. The proposed name change to First Holdco Plc is seen as a crucial element of this broader financial strategy.

For both the name change and rights issue to proceed, shareholder approval at the upcoming AGM is essential, alongside necessary endorsements from regulatory bodies such as the Nigerian Exchange Limited (NGX) and the Central Bank of Nigeria (CBN). Upon receiving the required approvals, FBN Holdings will amend its governance documents and initiate the rebranding process across its operations.

This AGM is anticipated to be a key moment in FBN Holdings’ ongoing transformation, as the company gears up for its next phase of growth and innovation in the competitive financial services landscape of Nigeria.