After Successful AGM, FBN Holdings Appoints Otedola Director

Following a successful annual general meeting on Monday, the board of FBN Holdings Plc, effected a resolution passed at the event with the appointment of Olufemi Otedola as non-executive director.
A notice on the Nigerian Exchange said the appointment had been approved by the
Central Bank of Nigeria (CBN) and endorsed by the Shareholders at the Annual General Meeting.
According to the notice by Adewale Arogundade, the group’s acting company secretary recalled that Otudeko, currently the chairman of Geregu Power Plc, “was thrust into the public’s consciousness with his foray into the downstream sector of the oil industry when he started Zenon Petroleum and Gas Limited.
“Zenon disrupted and redefined the standards in the sector and to ensure that his very high standards are met, he also invested in storage, shipping, insurance brokerage and port agency and petroleum retail outlets building a formidable, value-driven presence along the downstream value chain.
“In his quest to grow his foothold in the sector, he initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and joined the Board as Chairman… on 25 May 2007,” the group added.
Recall that Justice Nicholas Oweibo of the Federal High Court sitting in Lagos reportedly granted an interim order restraining the group from holding the AGM, pending the hearing and determination of the motion on notice filed before it by three aggrieved shareholders of First Bank.
The order was given after hearing based on an ex parte application moved by Senior Advocate of Nigeria, Muiz Banire who led Senior Advocate of Nigeria Kunle Adegoke and Seun Onabowu, to represent the three shareholders/ petitioners before the court. They are: Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare.
However, in a notice to the NGX, FBN Holdings said it had not received any court document stopping the planned AGM, following which it would hold Justice as scheduled.