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Less than three years after embattled former Central Bank of Nigeria Governor, Godwin Emefiele, instituted a new board of directors at FBN Holdings, there are heavy indications that the premier banking institution is worse off for it.
These revelations have prompted some shareholders and financial analysts to question the nature of the relationship between FBN’s management and the regulatory authority, calling for a thorough investigation into the financial arrangement. Despite legal actions and an ex-parte order stopping the proposed AGM, the board proceeded with the virtual event on August 15, 2023. At the event, shareholder, and analysts’ concerns over the lack of adherence to ethical corporate governance were further heightened.
The timing and opaqueness of the rights issue further fuelled suspicions that it may be a continuation of the intrigues in the institution as well as a subtle attempt to alter the bank’s ownership structure following the declaration by Barbican Capital of its interest in the company.
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