frn shareholders protest agm suspension
Written by Taiwo Adekola on August 8, 2023
Some shareholders of First Bank Nigeria Holding, FBNH Plc, have kicked against the move by some aggrieved shareholders to stop the forth coming Annual General Meeting, AGM scheduled to hold on August 15, 2023, asking that the regulatory authorities in the financial sector should intervene.
The shareholders group under the aegis of Trustee Shareholders Association of Nigeria(TSAN), yesterday, at the First Bank’s Head Office in Lagos staged a peaceful protest under the guidance of the Nigeria Police asking that the company’s AGM must hold as it is statutory.
The Chairman of Trustee Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, who spoke on behalf of the minority shareholders said: “We are at FBN Holdings Head Office to register our displeasure of the attempt by some shareholders to prevent AGM of the Holdings and also preventing them for getting approval from shareholders to take critical resolutions meant for the interest of the bank.
Meanwhile, some other shareholders who had thrown their support for the new majority shareholding had earlier called for understanding in the acquisition of a 15.1% majority stake in FBN Holdings by Barbican Capital Limited, linked to Honeywell Group Limited, HGL.
The former general secretary of Independent Shareholders Association of Nigeria (ISAN), Mr. Adebayo Adeleke, reiterated that, “Our market is based on the principle of free market. The market is open to everybody. There is no entry or exit barrier”.