First Bank Cancels Extraordinary Meeting Amidst MD’s Resignation

First Bank Holdings Plc has cancelled its extraordinary general meeting amidst the resignation of its Managing Director, Adesola Adeduntan, from his role eight months before the expiration of his position in the company.

The bank had scheduled an Extraordinary meeting aimed at raising N300bn capital.

The bank disclosed its decision in a filing seen by THE WHISTLER on Friday.

FBN said, “the Extraordinary General Meeting of the members of FBN Holdings Plc, earlier scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m for the consideration and authorization of the Company to undertake a Capital raise of up
to N300,000,000.00 and other ancillary matters is hereby cancelled.”

The decision is coming the same day the MD of the FBNH announced his retirement.

Adeduntan is one of the bank executives affected by the Central Bank of Nigeria’s tenure requirements.

Announcing his retirement, the MD said, “As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.

“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continue success and progress as we move into the next phase of its evolution.”