By Aduragbemi Omiyale

The management of First Bank of Nigeria (FBN) Holdings Plc has assured that the boardroom crisis rocking the company would not affect its operations.

Recall that a group of shareholders with 10 per cent equity stake in the financial institution asked for an Extra-ordinary General Meeting (EGM) under section 215 (1) of CAMA for the removal of the chairman of the board, Mr Femi Otedola, and a non-executive/deputy chief executive of Geregu Power Plc, Mr Julius Omodayo-Owotuga.

They argued that Mr Otedola, who owns Geregu Power, was plotting full control of FBN Holdings by planting his loyalists on the board.

The aggrieved shareholders pointed out that the businessman was planning to take charge of the proposed private placement of N360 billion shares of the firm, accusing him of removing those he felt were blocking his way.

To calm nerves, FBN Holdings issued a statement on Thursday, informing its stakeholders that the crisis does not pose a threat to its services.

“This matter does not in any way impact the operations of the company, and all the businesses within the Group continue to provide uninterrupted services to its customers.

“We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the company and its subsidiaries.

“The Group’s performance continues to improve, resulting in a higher market capitalisation even as we work towards surpassing the regulatory minimum capital well ahead of the deadline.

“In the meantime, the Registrar and Lead Issuing House are collating the returns from all receiving agents in respect of the company’s rights issue which closed on December 30, 2024.

“FBN Holdings and its subsidiaries remain committed to the highest level of corporate governance,” the notice signed by its scribe, Mr Adewale Arogundade, said.

By Aduragbemi Omiyale

Guaranty Trust Holding Company (GTCO) Plc has completed the first phase of its equity capital raise programme aimed to boost the capital base of its banking arm, GTBank Nigeria Limited.

Recall that about a year ago, the Central Bank of Nigeria (CBN) gave financial institutions in the country till March 2025 to meet its new minimum capital requirements to remain in business and for the category of GTBank, which has international operations, it must have at least N500 billion compared with the currency N25 billion required of them.

GTCO and other swung into action by embarking on public offers, with the lender raising about N209.41 billion, which has been approved by the CBN and the Securities and Exchange Commission (SEC).

Business Post learned that the exercise garnered substantial interest from domestic retail investors from 130,617 valid applications for 4,705,800,290 ordinary shares, which have been fully allotted.

“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the group for transformational growth and unlock greater value across the group’s banking and non-banking businesses,” the chief executive of GTCO, Mr Segun Agbaje, said.

The GTCO equity capital raise programme is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with the organisation’s commitment to fostering a well-diversified and robust investor base.

Proceeds from the combined equity raise will be strategically deployed to recapitalize GTBank Nigeria, enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.

Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across its subsidiaries.

By Modupe Gbadeyanka

An initiative designed to support children with special needs and their families has been introduced by Fidelity Bank Plc as part of its Corporate Social Responsibility (CSR) initiatives focused on health and social welfare.

The scheme, Bundles of Joy, will create supportive spaces and activities for children with special needs while addressing the psychological and emotional well-being of their parents and caregivers.

Families interested in the Bundles of Joy programme can register their children at the bank’s website. During registration, parents must provide their details, their child’s name, and information about their child’s needs. Fidelity Bank will follow up to schedule special outings for the children starting in January 2025.

At an event held over the weekend in Lagos, the Divisional Head of Brand and Communications at Fidelity Bank, Mr Meksley Nwagboh, explained that, “Bundles of Joy is a vision of our Managing Director, Mrs Nneka Onyeali-Ikpe.

“The initiative is designed to foster an inclusive society by supporting children with special needs.

“During today’s session, the children will engage in a variety of educative and entertaining activities aimed at enhancing their mobility and social skills.

“At the same time, their parents and caregivers will participate in tailored workshops to equip them with the skills and resources they need to better care for their children.”

Parents and caregivers at the event, including Ms Joy Daberechi, expressed their gratitude for the initiative, saying, “This is a wonderful programme. The sessions have helped me learn more about caring for my daughter, thanks to the resourceful facilitators.

“I deeply appreciate Fidelity Bank for creating this opportunity, even though I haven’t yet opened an account. I encourage other parents to take advantage of this initiative.”

Another participant, Ms Deborah Eromokhodion, said, “It’s been a heartwarming experience and has created a community of support. We’ve had insightful sessions with specialist facilitators on helping our children achieve milestones and goals. Meeting other parents and exchanging tips has been invaluable.”

Fidelity Bank used the occasion to put smile on the faces of the participants by presenting goodie bags to the children and gifts to their parents, leaving attendees delighted and encouraged.