Plot thickens as FBNH appoints Meristem Registrars as its new registrars

In a move targeted at addressing the controversial shareholding structure at FBNH, the board of directors of FBN Holdings has approved the appointment of Meristem Registrars as its new registrars replacing First Registrars and Investors Services Ltd.

In a press release signed by Company Secretary Seye Kosoko detailing a series of appointments, which includes Nnamdi Okonkwo as the new Group MD/CEO, it stated that “The Board approved the appointment of Meristem Registrars Limited as the new Registrars to take over the Register of Members of FBN Holdings Plc in replacement of First Registrars and Investors Services Limited, with effect from December 1, 2021.”

Backstory
The recent announcement of Mr. Femi Otedola as a majority shareholder of FBN Holdings forced a series of press releases from the bank one of which was a controversial mention of Mr. Tunde Odukale of Leadway Pensure as also one of the majority shareholders with a purported 5.36% of the shares of the bank holding company.

This, however, forced the Nigerian Exchange to issue a query to the bank requesting that it explain the flip-flops over the shareholding structure of the bank. The bank responded vide a letter published on the website of the NSE on Wednesday, March 27th, 2021, explaining the shareholding structure in what some analysts have considered bizarre.

However, information reaching Nairametrics suggests the latest move to take out First Registrars is connected to the recent shareholder squabbles and may have been instigated by the bank regulators who are embarrassed by the degenerating situation. One source informed Nairametrics that First registrars had to be taken out due to the conflict of interest it has since it is a subsidiary of First Bank.

Another major reason attributed for the change was also concerns that some of the shareholders of the bank holding company may still exert significant control over First Registrars which may be a challenge for the final determination of who are actually the majority shareholders of the bank.

What next?
One of the first tasks for Meristem Registrars will likely be to review the register of shareholders of FBN Holdings and determine who the majority shareholders are. They will also determine the quantum of direct and indirect shares owned by the current directors of the bank holding company.

Other appointments and announcements
FBNH MD/CEO

Exiting – Group Managing Director, Mr U.K Eke, MFR with effect from December 31, 2021, having served for two terms.

Appointed – Mr Nnamdi Okonkwo as the new Group Managing Director of FBN Holdings Plc, with effect from January 1, 2022, subject to the approval of the Central Bank of Nigeria (CBN) and the shareholders at the next Annual General Meeting of the Company.

First Bank Nigeria

Non-Executive Director

Appointed: The Board approved the appointment of Mrs Tope Orhionsefe Omage as a Non-Executive Director of First Bank of Nigeria Limited, subject to the approval of the CBN.

Renewal of Appointments of the Managing Director and Deputy Managing Director of First Bank of Nigeria Limited

Appointed: Dr Adesola Adeduntan and Mr Gbenga Shobo as the Managing Director and Deputy Managing Director of FirstBank respectively, for another term.

FBNQuest Merchant Bank Limited

Renewal of the Appointments of the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited.

Appointed: Mr Kayode Akinkugbe and Mr Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited respectively, for another term.

ADAPTED FROM NAIRAMETRICS NIGERIA