“FBN Holdings Cancels Shareholder Meeting for N300 Billion Capital Raise Plan”

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FBN Holdings has cancelled its Extraordinary General Meeting (EGM) intended to seek shareholders’ approval for a capital raise of up to N300 billion. The cancellation notice, filed with the Nigerian Exchange Limited on Friday, did not specify the reasons for the decision.

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The meeting, initially scheduled to take place virtually on April 30, 2024, aimed to secure authorization for the proposed capital raise and address associated matters. FBN Holdings had previously disclosed plans to seek shareholders’ approval for this significant capital raise through public offering, private placement, or rights issue in either Nigerian or international capital markets.

This development comes amid the recent directive from the Central Bank of Nigeria (CBN) for banks to recapitalize, reflecting ongoing changes and challenges within the financial sector. FBN Holdings’ decision to cancel the EGM underscores the dynamic environment in which financial institutions operate, with implications for strategic planning and shareholder engagement.


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Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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