A group of outraged shareholders of First Bank, Nigeria’s oldest financial institution, is intensifying its efforts to halt the controversial N350bn private placement proposed by Femi Otedola, chairman of the holding company. Insiders at the bank confirm that many shareholders were unaware of the plan until media reports revealed it. Norsworthy Investment Limited, linked to Gabriel Ogbechie, expressed significant concern in a letter to the company secretary, Adewale Arogundade. The shareholders are demanding transparency, citing potential conflicts of interest and a perceived attempt by Otedola to control the bank through backdoor maneuvers.
A growing faction of First Bank shareholders is strongly opposing Femi Otedola’s N350bn private placement, fearing it may undermine their rights. Many shareholders, including Gabriel Ogbechie’s Norsworthy Investment Limited, are speaking out after being kept in the dark about the plan. They are calling for transparency, requesting supporting documents and detailed reports from financial advisors. The shareholders have requisitioned an emergency general meeting (EGM) to ensure any capital raise is conducted through a fair rights issue, not a private placement.
The group of First Bank shareholders opposing the proposed N350bn private placement by Femi Otedola is growing, with many expressing frustration at being kept in the dark. Norsworthy Investment Limited, under Gabriel Ogbechie, raised concerns in a letter to First Bank’s company secretary, Adewale Arogundade, requesting detailed information regarding the placement. The shareholders believe the plan could give Otedola unchecked control of the bank and are demanding that any capital raising be done through a rights issue, allowing fair participation for all shareholders.
First Bank shareholders are increasingly vocal in their opposition to a N350bn private placement proposed by Femi Otedola, fearing it could consolidate control in the hands of a few individuals. Norsworthy Investment Limited, led by Gabriel Ogbechie, has formally raised concerns with the company’s secretary, Adewale Arogundade, requesting transparency and full disclosure on the reasons for bypassing the rights issue process. The shareholders are advocating for an EGM to block the placement and ensure that any capital raising is conducted equitably
Shareholders of First Bank, led by Gabriel Ogbechie’s Norsworthy Investment Limited, are mobilizing against Femi Otedola’s proposed N350bn private placement. Many of these shareholders were reportedly unaware of the proposal until it surfaced in the media. In a letter to company secretary Adewale Arogundade, Norsworthy demanded greater transparency and the opportunity for all shareholders to participate in any future capital raising through a rights issue. The shareholders are preparing to requisition an emergency general meeting (EGM) to prevent the private placement from moving forward.
