What Otedola Will Gain As First Bank Non-Executive Director

First Bank Holding Plc, the parent company of First Bank recently announced the appointment of Nigerian billionaire, Femi Otedola, as Non-Executive Director. The appointment is however subject to the approval of the shareholders at the forthcoming Annual General Meeting (AGM) on the 15th of August, 2023.

The Chairman of Geregu Power is a shareholder with a substantial 5.7% stake in the banking group. His 5.7% stake translates to 10,000,000 units of direct shares and 1,989,342,376 units held indirectly under Calvados Global Limited as of 30th of June 2023. 

Otedola as Non-Executive Director: What you need to know

Asides from the approval of Otedola’s appointment, shareholders will also consider the Director’s fees for the financial year ending 31st of 2023, and succeeding years. 

They will also deliberate on the increment of the Director’s fees to N50 million per Director and N63.7 million for the Board Chairman. Moreso, discussions around equipping Directors with the authority to appoint professional parties and advisers and to perform all such other acts will be addressed at the meeting.

Other issues to be discussed include capital raise. “The capital raise transaction shall be by way of a Rights Issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.” 

A look at First Bank’s profit

FBN Holdings Plc declared N206.3 billion profit after tax in its unaudited financial statements for the first half (H1) of the year which ended on the 30th of June 2023. 

The results released on the Nigerian stock exchange showed profit before tax grew by 213.8% from N65.7 billion in H1, 2022 to N206.3 billion in H1, 2023.