Some First Bank shareholders have protested at the headquarters of the bank over an attempt to prevent the financial institution from holding its Annual General Meeting as scheduled.
First bank of Nigeria Holdings in a notice issued in July said that it intended to raise fresh capital through a rights issue, pending the approval of shareholders at the Annual General Meeting scheduled for this month.
However, this minority shareholders who gathered here holding placards, demanding that the institution should be allowed to carry out its statutory duty of holding AGMs.
Speaking on behalf of the protesting shareholders, the chairman of the Trusted Shareholders’ Association, expressed displeasure at the attempt to stop meeting.
He adds that the shareholders have approached the court to stop First Bank from raising capital like other banks are doing and then not to admit some directors into the board of the bank.
The group had earlier announced the appointment of billionaire investor, Femi Otedola on July 9, 2023 as non-executive director subject to the approval of its shareholders at the upcoming Annual general meeting.
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