A group of shareholders holding 10% of First Bank of Nigeria Holdings Plc has formally requested an Extraordinary General Meeting (EGM) under Section 215(1) of CAMA. The meeting, expected to take place within 21 days, seeks to address the removal of FBN Holdings Chairman, Mr. Femi Otedola, and Deputy Chief Executive of Geregu Power Plc, Mr. Julius B. Omodayo-Owotuga.

The shareholders allege that Otedola’s emergence as Chairman, facilitated by former CBN Governor Godwin Emefiele, has led to turmoil within the institution. They claim Emefiele persuaded former FirstBank CEO Dr. Adesola Adeduntan to cooperate with Otedola in securing control of the bank, ultimately sidelining other key executives.

The group also raised concerns over Otedola’s alleged attempts to consolidate control, including his push for a private placement of ₦360 billion shares. Shareholders fear this could allow him to dominate the bank without adequate checks and balances.

Records show Otedola as the largest individual shareholder with a 9.41% stake, though recent acquisitions have reportedly increased his holdings. However, Barbican Capital, affiliated with Honeywell Group, is documented as the largest single shareholder with a 15.01% stake.

The Securities and Exchange Commission (SEC) and the CBN are yet to comment on the shareholders’ demand for the EGM.