FBN Holdings Bows To Pressure, Announces Plan For N150bn Rights Issue

The board of FBN Holdings, on Wednesday published an updated notice of annual general meeting scheduled for August 15, 2023, announcing that it plans to raise N150bn, unlike in the earlier version that was silent on the amount to be raised by way of rights to existing shareholders.
The announcement made the Nigerian Exchange portal came 48 hours after some shareholders under the aegis of Trusted Shareholders’ Association, led by Mukhtar Mukhtar, protested at its Lagos headquarters alleging an attempt to prevent the financial institution from holding the meeting as scheduled.
The group plans to raise N150bn by way of rights issue to existing shareholders, adding that those rights not fully taken up may be offered to interested shareholders for sale in such terms and conditions as may be determined by the directors subject to approval by relevant regulatory authorities.
As part of the special business for the day, the directors have proposed to raise the issued share capital from N17.947bn consisting of 35.895bn ordinary shares of 50 kobo each, to N22.434bn by creating additional 8.973bn shares of 50 kobo each.