Otudeko behind move to stop FBN AGM, shareholders allege

Shareholders under the auspices of the Trusted Shareholders Association of Nigeria (TSAN) alleged that renowned businessman, Oba Otudeko, was the one behind a court order that allegedly stopped FBN Holdings from holding its annual general meeting (AGM) scheduled for tomorrow.

A Federal High Court in Lagos recently issued an ex-parte order restraining FBN Holdings from holding its AGM pending the hearing and determination of the substantive matter filed before the court by three aggrieved shareholders of the bank.

Speaking to journalists, the Chairman of the Trusted Shareholders Association of Nigeria (TSAN), Alhaji Muktar Muktar, who had led minority shareholders to protest the move to stop the AGM, emphasised that Otudeko is the one behind the court’s move to stop the AGM.

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“We are very sure that it is Oba Otudeko. He is the one that is behind this move to stop the AGM. Someone who has benefitted immensely from this bank.

He advised Otudeko not to forget that First Bank contributed significantly to the growth of his business empire and should not take actions that would destroy the wealth of many Nigerians who are investors in FBN Holdings.

“An institution that has built its business empire should not be treated this way. He is having these fears due to the coming of certain investors who have boosted confidence in the bank.

“These fears are unfounded. I don’t see any reason why any individual should be afraid of resolutions that will enhance the performance of the bank by bringing more money to the bank.

He described First Bank as an institution that has systemic value in the Nigerian economy which should not be played with at all.

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The TSAN boss advised the regulators to intervene and stop the move, which he said is capable of plunging the nation’s banking sector and capital market into a serious crisis.

Speaking in the same vein, the National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said: “A court order stopping FBN Holdings from holding its statutory AGM is bad because we are not aware of any operational issues or infringement within the company.

“But if it is as a result of major shareholder contenders, my appeal to them is to sheathe their swords and work for the unity of the bank by putting their resources and expertise in the service of the bank.”

She said if anything happens to First Bank, it is the whole economy that will be affected. What is going to happen to their employees and other stakeholders? The former director that is creating problems in FBN should not allow a small bank to acquire it.”