In the face of uncertainty, FBN's capital-raising move raises concerns and questions

Nigerians who are concerned about First Bank of Nigeria's recent move to raise extra capital through a rights issue have voiced their objections, as revelations about the internal rumblings within the bank's leadership continue to surface.The projected change has generated discussion and conjecture over the bank's leadership integrity and has garnered a great deal of attention and skepticism.In the notice of its August 15 Annual General Meeting, FBN Holdings announced that raising ?139 billion through a rights issue will be a key topic on the agenda. The FBN board declared that in order to do this, it intends to issue an additional about nine billion ordinary shares, valued at 50 kobo apiece, on top of the approximately 36 billion ordinary shares that are now in circulation.