FBN Holdings Plc has announced its intention to change its legal and brand name to First Holdco Plc at its upcoming 12th Annual General Meeting (AGM), scheduled for November 14, 2024. The proposed rebranding, which will extend to its subsidiaries, is one of several special resolutions that shareholders will vote on during the AGM.
As part of this transition, the company’s directors are expected to receive authorization to take all necessary actions, including amending the company’s Memorandum and Articles of Association to reflect the new legal name and share capital structure. However, these changes will still be subject to approval by the relevant regulatory bodies.
The shift to First Holdco Plc signifies a key moment in FBN Holdings’ history, as it looks to modernize its identity and streamline its corporate structure. With a legacy spanning over 130 years, this change represents an evolution toward becoming a more diversified financial services group while maintaining its stature as one of Nigeria’s leading institutions.
By adopting the new name across all subsidiaries, FBN Holdings aims to unify its brand image, strengthen its market presence, and align with its long-term strategic goals.
The rebranding initiative comes on the heels of FBN Holdings’ efforts to raise capital and bolster its balance sheet. According to recent reports, the company has revised its planned Rights Issue, now proposing to offer new shares at N25 each to raise a total of N350 billion.
FBN Holdings intends to issue 5,982,548,799 ordinary shares of 50 kobo each at N25 per share. The rights issue will be offered on a basis of one new share for every six shares held as of October 18, 2024. Initially, the company had proposed a larger capital raise, planning to offer nearly 9 billion shares at N15.50 per share, but this was suspended due to legal challenges from a shareholder.
Now, with a revised plan, the rights issue is expected to be a central point of discussion at the forthcoming AGM. The funds raised will help improve the company’s capital adequacy ratio and support its expansion plans, including additional investments in its subsidiaries.
For the name change and rights issue to move forward, shareholders will need to approve both proposals during the AGM. In addition, FBN Holdings must secure regulatory approvals from key bodies such as the Nigerian Exchange Limited (NGX) and the Central Bank of Nigeria (CBN).
Once these approvals are obtained, the company plans to amend its governance documents and roll out the rebranding initiative across its operations. The November AGM will mark a pivotal moment in FBN Holdings’ transformation as it prepares for its next phase of growth.
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