On Monday, a group of minority shareholders convened at the FBN Holdings headquarters to express their objection to an effort aimed at obstructing the scheduled Annual General Meeting of the financial institution. The demonstrators, holding placards, insisted that the institution should be permitted to fulfill its legal obligation of conducting AGMs. Mukhtar Mukhtar, the chairman of the Trusted Shareholders’ Association, voiced the discontent of the protesting shareholders, highlighting their dissatisfaction with the move to prevent the AGM from taking place.
He stated, "Our purpose for being present at the First Bank premises is to express our dissatisfaction, unhappiness, and refusal regarding certain shareholders' efforts to obstruct the holding of First Bank's Annual General Meeting. This obstruction further aims to hinder the discussion of crucial resolutions vital for the advancement of the bank."
"These shareholders have taken legal action to prevent First Bank from raising capital, a move akin to actions taken by other banks. Additionally, they seek to block the appointment of certain directors to the bank's board. Those who have resorted to legal measures to halt the AGM are well aware of its illegitimacy. Annual General Meetings (AGMs) are mandated gatherings under the law."
"In a notice issued in July, FBN Holdings revealed its intention to generate additional funds through a rights issue, pending the endorsement of shareholders during the upcoming Annual General Meeting scheduled for this month. The financial institution outlined its plan to raise capital by issuing 8.974 billion ordinary shares, each valued at 50 kobo.

Furthermore, the conglomerate disclosed the selection of Mr. Femi Otedola, a prominent investor, for the role of non-executive director, pending the consent of shareholders at the forthcoming AGM. Otedola's appointment was confirmed on July 9, 2023.

Additionally, Samson Ariyibi, who assumed the position of executive director overseeing Finance, Investment, Management, and Oversight within the group on October 21, 2022, will have his appointment presented to shareholders for their approval."