The leadership crisis at First Bank Holdings of Nigeria has intensified as a group of stakeholders calls for the removal of its board chairman, Femi Otedola, and non-executive director, Julius B. Omodayo-Owotuga.
The group has requested an extraordinary general meeting (EGM) within the next 21 days, in accordance with section 215 (1) of CAMA.
The shareholders allege that FBN Holdings has experienced turmoil since former Central Bank of Nigeria Governor Godwin Emefiele influenced Otedola’s acquisition of a significant amount of shares, leading to his emergence as Chairman in January 2024.
They claim that Otedola has seized full control of the bank, appointing his personal staff to key positions and pushing for a private placement of ₦360 billion shares, which they fear would give him absolute control over the bank.
The battle for control of FBN Holdings has been ongoing, with Otedola and Barbican Capital, affiliated with the Oba Otudeko-owned Honeywell Group, vying for the largest share of the institution. While Otedola was previously listed as the single largest shareholder with a 9.41 percent stake, recent acquisitions have increased his shareholding.
However, Barbican Capital is currently recognized as the largest single shareholder with a 15.01 percent stake.
The situation remains uncertain as stakeholders await the response of the Security and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to the demand for an EGM.
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