First Bank to delist shares to pave way for holding coy – Onasanya

Chief Executive Officer, First Bank of Nigeria, Mr Bisi Onasanya, Friday said that the shares of the bank would be delisted from the Nigerian Stock Exchange in July. He announced this during the bank’s “Facts behind the Figures’’ at the Nigerian Stock Exchange (NSE) in Lagos. He said that the delisting would pave way for the listing of FBN Holding Company, adding that, shareholders of FBN would be the owners of the new entity.
According to him, shareholders will be allotted with shares of the new company after reconstruction. Onasanya said that the bank would call for an Extra-Ordinary General Meeting (EGM) for shareholders’ endorsement as soon as regulatory approval was granted. The development is in line with the Central Bank of Nigeria (CBN) directive to banks to concentrate on their core operational areas or form holding companies to warehouse their subsidiaries. Earlier, Mr Adeolu Bajomo, the Executive Director, Market Operations and Technology of the Exchange, had commended the bank for ensuring good corporate governance since it got listed 41 years ago.
He said the bank had ensured full compliance with post-listing requirements of the Exchange through prompt submission of quarterly and full year results. Bajomo, however, appealed to all quoted companies to replicate First Bank’s example by adhering to the post-listing requirements. “The NSE will continue to enforce its rules on corporate governance in a firm and fair manner in order to build a strong investment climate for market participants,’’ he said.