Shareholders of FBN Holdings Plc have approved a proposal to change its legal and brand names from FBN Holdings and FBNHoldings to First Holdco Plc and FirstHoldco respectively.

Also, the shareholders, at the annual general meeting held last week, okayed a N14.358 billion total distributable dividend for the 2023 financial year.

The financial services group disclosed these in a regulatory filing on the Nigerian Exchange. 

The shareholders, also at the meeting, approved 40 kobo per share as dividend for the financial year 2023. The group fixed director remuneration at N50 million and N63.7million for chairman.
Shareholders also approved N350 billion capital raise for the group to meet the new capital base requirement by the Central Bank of Nigeria (CBN).According to the group, the capital raise can be implemented by public offers, rights issues, and private placements in local or international debt market at a price determined by bookbuilding or any other valuation methods. The capital raise plan remains subject to regulatory approval, the statement revealed.