A group of minority shareholders gathered at the headquarters of FBN Holdings on Monday to protest against an attempt to prevent the financial institution from holding its scheduled Annual General Meeting (AGM).

Holding placards and voicing their concerns, the shareholders demanded that FBN Holdings be allowed to fulfill its statutory obligation of conducting AGMs.

Mukhtar Mukhtar, representing the protesting shareholders as the chairman of the Trusted Shareholders’ Association, expressed strong disapproval of the efforts to halt the AGM.

He stated, “We are here at the First Bank office to register our displeasure, our discontentment, and rejection of the attempt by some shareholders to prevent the Annual General Meeting of First Bank from holding and preventing the consideration of some very important resolutions for the progress of the bank.

These shareholders have approached the court to stop First Bank from raising capital like other banks are doing and then not to admit some directors onto the board of the bank.

Those who have gone to court to stop the AGM know that it is illegal. AGMs are statutory meetings.”

FBN Holdings had previously announced its intention to raise fresh capital through a rights issue and also informed shareholders of the appointment of Mr. Femi Otedola as a non-executive director, pending shareholder approval at the AGM.