FBN Holdings Plc has announced the postponement of its 12th Annual General Meeting (AGM), initially scheduled to be held virtually on August 22, 2024. The meeting has now been rescheduled for Tuesday, September 3, 2024.
This change was disclosed in a notice sent by the company to the Nigerian Exchange Limited (NGX).
The AGM was set to address several key items on the agenda, including the approval of the group’s financial statements, the declaration of a dividend, and the authorization for the company to undertake a capital raise of up to N350 billion.
While the notice did not provide specific reasons for the postponement, it is speculated that the decision may be related to recent legal disputes involving FBN Holdings. These disputes concern the shareholding of Barbican Capital Limited, a firm linked to billionaire businessman Oba Otudeko.
FBN Holdings Plc has not issued further comments regarding the rescheduling of the AGM or the ongoing legal matters.
The statement signed by Ag. Company Secretary, Adewale Arogundade noted that further information will be provided in due course, as appropriate.
In the case filed before a Federal High Court in Lagos, Barbican Capital accused FBN Holdings of altering its 5.4 billion shares in the Holdco.
According to the unaudited consolidated financial statements for the period ended December 31, 2023, the shareholding of Barbican Capital was stated as 4,886,062,743 (13.61 per cent). However, in the audited results, the direct holding of Barbican Capital dropped to 3,110,400,619 (8.67 per cent) with a note “As verified by the Central. Bank of Nigeria” added to it.
The same 3,110,400,619 (8.67 per cent) was recorded for Barbican in the first quarter and second quarter financial statements of the Holdco filed with the Nigerian Exchange Limited.
The investment firm, in suit no. FHC/L/CS/ 1172/24, filed on its behalf by Bode Olanipekun, SAN, claimed that over the years and at different times, it cumulatively acquired about 5,386,397,202 shares, representing 15.1 per cent of FBNH overall shares listed on the NGX.
Barbican Capital also included a report from the Central Securities Clearing System to show its total shareholding.
According to the CSCS report tendered before the court, as of May 23, 2024, the company owned 5,386,397,202 shares (15.01 per cent) and held 4,886,062,743 shares (13.61 per cent) as of December 2023.
The firm claimed that its shareholding increased from 13.61 per cent reported by FBN Holdings in its unaudited results to 15.01 per cent after Honeywell consolidated 1.5 per cent of its affiliated shares to Barbican.
In validation of its stake, the Otudeko-linked firm stated that it received dividends payment from FBNH for all its 5,386,397,202 shares between November and December 2023 for the full year ended December 31, 2022, and had no time divested its shares.
