FBN shareholders demand an EGM to remove Chairman Femi Otedola amid allegations of governance breaches and leadership disputes.
[dropcap]S[/dropcap]hareholders holding 10 per cent of First Bank of Nigeria (FBN) Holdings Plc have formally requested an Extraordinary General Meeting (EGM).
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Under Section 215 (1) of the Companies and Allied Matters Act (CAMA), the company has 21 days to convene the meeting.
The primary agenda includes the removal of FBN Chairman, Mr Femi Otedola, and Non-Executive/Deputy Chief Executive of Geregu Power Plc, Mr Julius B. Omodayo-Owotuga.
The shareholders allege that Otedola, backed by former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, gained control of the bank through questionable practices.
They claim Emefiele facilitated Otedola’s rise, influencing the then-CEO of FirstBank, Dr Adesola Adeduntan, to support Otedola’s ambitions.
Since his ascension, Otedola has allegedly exerted excessive control, bypassing corporate governance norms and sidelining key executives.
The shareholders further argue that Otedola’s preference for a private placement of N360 billion shares would grant him unchecked power, turning the institution into his “private estate.”
This follows reports of a significant loan, estimated at $45–50 million, allegedly secured by Otedola to consolidate his stake.
Records indicate Otedola holds a 9.41 per cent stake, making him the single largest individual shareholder.
However, Barbican Capital, linked to Oba Otudeko’s Honeywell Group, disputes this, claiming a 15.01 per cent share. Legal action has ensued over discrepancies in shareholding disclosures.
FBN Holdings has faced internal disruptions under Otedola’s leadership, including the dismissal of over 100 senior staff and allegations of executive restructuring to consolidate his influence.
The recent confirmation of Olusegun Alebiosu as Managing Director and CEO has also drawn criticism, with claims of favouritism in his appointment.
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Shareholders now question the role of regulatory bodies like the Securities and Exchange Commission (SEC) and the CBN in addressing these governance concerns.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
