Financial services, FBN Holdings Plc, has said it will raise fresh capital subject to the approval of shareholders at the group’s annual general meeting scheduled for next month.

This was contained in the group’s notice of its 11th annual general meeting issued to shareholders.

According to the notice, FBN planned to raise capital by way of a rights issue. The lender would raise funds via the creation of 8.974 billion Ordinary shares at 50 kobo each.

As of Monday, the shares of FBN Holdings closed trading at N19.85 on the Nigerian Exchange Limited.

Part of the notice said that shareholders would consider and approve “That the company’s issued share capital be and is hereby increased from NGN17.95bn made up of 35,895,292,792 ordinary shares of 50 Kobo each to N22.35bn by the creation of 8.973,823,198 ordinary shares of 50 Kobo each.

“That there shall be a capital raise. The capital raise transaction shall be by way rights issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.”

The group also announced the appointment of billionaire investor, Mr Femi Otedola as non-executive director subject to the approval of its shareholders at the upcoming AGM. Otedola was appointed on July 9, 2023.

Also, Samson Ariyibi, who was appointed the executive director, finance, Investment, Management and Oversight of the group on October 21, 2022, will be presented to the shareholders for approval of his appointment.

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