Shareholders Approve FBN Holdings’ N350bn Capital Raise and Name Change

FBN Holdings’ shareholders have approved the company’s plan to raise N350 billion in additional capital and rebrand by changing its legal and brand names. These resolutions were passed during a recent virtual Annual General Meeting (AGM), with the outcomes filed with the Nigerian Exchange Limited.

Capital Raise Plan

The shareholders authorized the financial group to undertake a capital raise of up to N350 billion through various channels, including public offerings, private placements, or rights issues. This will be carried out in tranches or series, with pricing determined through book-building or other valuation methods. Regulatory approvals will be sought to execute the transaction.

FBN Holdings is also conducting a rights issue to raise N150 billion as part of its efforts to strengthen its capital base, aligning with the Central Bank of Nigeria’s directive for banks to increase their capital thresholds.

Dividend Declaration

A dividend of 40 kobo per 50 kobo ordinary share, amounting to N14.36 billion, was approved for the 2023 financial year. This will be distributed to shareholders on record.

Name Change and Rebranding

Shareholders sanctioned a rebranding initiative to rename the company and its subsidiaries.

New Legal Name: First Holdco Plc

New Brand Name: FirstHoldco

The Memorandum and Articles of Association will be amended to reflect the updated legal name and increased share capital. The board has been empowered to carry out all necessary actions to implement these changes and comply with regulatory directives.

This strategic move aims to position the financial group for greater competitiveness and align with its growth ambitions.