Dipo Olowookere
By Dipo Olowookere
The board of Honeywell Flour Mills Plc will on Tuesday, May 25, 2021, meet to discuss the financial results of the company for the 2021 financial year.
The meeting, according to a notice from the organisation signed by its secretary, Ms Yewande Giwa, will take place virtually by 11am tomorrow.
Honeywell Flour had previously suspended the meeting. The firm was recently in the eye of the storm when its Chairman, Mr Oba Otudeko, was removed as the Chairman of FBN Holdings Plc.
He was removed by the Central Bank of Nigeria (CBN) after the board of First Bank of Nigeria formerly led by Mrs Ibukun Awosika, announced that Mr Gbenga Shobo will replace Mr Adesola Adeduntan as the Managing Director/CEO of the bank.
It was rumoured that Mr Otudeko engineered the replacement of Mr Adeduntan and when the CBN waded into the matter, it sacked the boards of FBN Holdings and First Bank, returned the MD/CEO to his position.
The apex bank then gave Honeywell Flour 48 hours to repay the loans it obtained from First Bank, while First Bank was given 90 days to “divest the equity investments in all non-permissible entities such as Honeywell Flour Mills and Bharti Airtel Nigeria Ltd and forward evidence of compliance.”
Business Post reliably gathered that Honeywell has made efforts to calm the nerves concerning the repayment of the loans worth billions of Naira to First Bank.
Last week, Honeywell said its board will meet on Tuesday to discuss the FY results of the company and there are feelers that the issue of the loans may be discussed.
“Notice is hereby given that the 87th meeting of the board of directors of Honeywell Flour Mills, which was previously postponed, will now hold on Tuesday, May 25, 2021, at 11am virtually.
“The company’s audited financial statements for the year ended March 31, 2021, as well as the issue of dividend declaration will be considered at the meeting.
“Please note that the closed period which was previously announced will still subsist until the release of the FY20/21 financial results to the exchange and the general public,” the disclosure said.
