FBN Holdings Plc, the parent company of First Bank of Nigeria, has secured shareholder approval to change its name to First Holdco Plc.
The decision was made at the 12th annual general meeting, which was held virtually on Thursday.
This was confirmed in a notice released on Friday by Adewale Arogundade, the company’s secretary.
The name change will extend across all of FBN Holdings’ subsidiaries. The resolution stated: “There should be a change of the legal and brand names of the Company from FBN Holdings Plc and FBNHoldings to First Holdco Plc and FirstHoldco, respectively.”
It also mandated that the transition be applied to all subsidiaries.
Additionally, the company’s directors have been empowered to carry out any necessary steps to implement the name change, including meeting regulatory requirements and updating the company’s Memorandum and Articles of Association.
In related developments, FBN Holdings announced that shareholders had approved plans to raise N350 billion through the sale of shares to private investors and existing shareholders.
“The Company be and is hereby authorised to undertake a capital raise of up to ₦350 billion,” the statement said.
The capital raise will be executed through one or more transactions, including public offerings, private placements, or rights issues within the Nigerian or international markets.
The price of the shares will be determined through a book-building process or other valuation methods, as determined by the Board of Directors.
The capital raise is subject to regulatory approvals, and the directors have been authorised to increase the company’s share capital accordingly and to list and admit the issued securities for trading on the Nigerian Exchange Limited or other relevant markets.
Earlier this year, FBN Holdings revealed plans to raise N300 billion through a combination of private and public investments.
More recently, on November 1, the company announced a new rights issue programme aimed at raising N150 billion.
