Seyi Kosoko Kicked out as Company Secretary of First Bank

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Eventually, like all man-made deities, Seye  Kosoko stopped resembling a ‘god’ or something like one. He lost worth in common hours, like the fading smile of a cosmic Cheshire cat.

If there was an avatar for instability and inconsistency, the rambunctious and rabble-rousing Seye Kosoko hitherto the company secretary of FBN Holdings PLC., would clearly fit the bill.

However, the axe may have fallen on the otherwise illustrious career of Seyi Kosoko. According to a memo sighted by The Capital, bumbling Kosoko, who gained notoriety for his gaffes and inconsistencies during the recent acquisition of majority stake in Nigeria’s oldest bank by billionaire Femi Otedola, has been removed from his position.

Until he got shamed by his allegations, the life of Kosoko bloomed like a prairie dotting the promenade of acclaim. This minute, however, the world unfurls for him in bleak blossom.

The memo, entitled, Notification in Change of Company Secretary, states, “In accordance with the Nigerian Exchange Limited’s Rule Book, the Board of Directors of the FBN Holdings Plc wishes to notify the NGX and the investing public that Mr Adewale Arogundade, Assistant Company Secretary, FBN Holdings Plc, will assume the role of Acting Company Secretary effective March 7, 2022.

“This is following the transfer of the erstwhile company Secretary, Mr Seyi Kosoko, to our commercial banking subsidiary, First bank of Nigeria Limited to support and further strengthen our public sector businesses in line with our Talent Management Framework.” The memo was signed by Alhaji Ahmad Abdullahi, chairman, Board of Directors.

In the wake of Otedola’s acquisition of majority equity stake in First Bank Holdings, the parent company of First Bank of Nigeria, Kosoko first denied knowledge of the takeover, saying the bank had not received any such notification of a significant holding by Otedola from the authorities as is typically the case.

However, in a follow-up communication to the Nigerian Exchange Limited, Kosoko confirmed that it had received notification from APT Securities and Funds Limited that; “Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818, 551,625 units of shares from the company’s issued share capital of 35,895,292791.

Kosoko had, also, via a controversial press release, alleged that Oye Hassan-Odukale of Leadway Assurance was the single largest shareholder of the bank, a spurious allegation that triggered a query from the Nigerian Exchange requesting that the bank clarified the statement. Kosoko went ahead to sign the response to the query, explaining how they arrived at the shareholdings of the bank.

All of this faux pas embarrassed the stakeholders of the bank and his days were numbered therefrom. His ignominious removal and redeployment to a less glamorous position bear an uncanny throwback to his ouster from Econet Wireless (now Airtel) which he joined as the pioneer Chief Legal Officer/Company Secretary in 2001.

Curiously, however, inside sources say beyond Kosoko’s removal, following that of the immediate past chairman, RemiBabalola, has a Machiavellian imprint and may be a sign of the new direction for the financial institution under Otedola.
since he became the largest shareholder in the bank.

You couldn’t have forgotten so soon how former chairman of the bank, Remi Babalola resigned as chairman of the bank while Alhaji Ahmad Abdulahi was appointed as Chairman.

It also recently announced the appointment of three new executive directors of the banks while also appointing Mr. Julius Awotuga to the board as a non-executive director.

Former MD of the holding company U.K Eke also retired and was replaced by former Fidelity Bank MD/CEO Nnamdi Okonkwo.

The Central Bank still has significant control overboard and strategic appointments at the bank.

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