FBNH Hits N729bn as Oba Otudeko Acquires 14% Stake

FBNH Hits N729bn as Oba Otudeko Acquires 14% Stake

FBN Holdings Plc hit about N729 billion in market valuation as Oba Otudeko reclaims moved to return as board chairman with the acquisition of a 14% interest in the financial services group. In a statement posted on its website, Honeywell Group Limited told regulatory authorities that it bought 4,770,269,843 shares of FBN through its affiliate company, Barbican Capital Limited.

With less than 6% owned by Femi Otedola, according to an audited report for 2022, Otudeko has doubled down and possible retaliation by existing interest could push FBNH market value above N1 trillion in 2023. >>> FBNH Rises to N682bn on ‘Special Stock Bet’

Otudeko Honeywell Group bought 4,770,269,843 shares of the firm in a cross deal worth N87.8 billion. The 4,770,269,843 shares bought were moved from 26 different accounts. MarketForces Africa reported an unusual volume of trade on Thursday by invincible hands. The acquisitions take his shareholding to 14 percent of the bank’s outstanding market value.

A “disclosure of shareholding” sent to the Company Secretary, FBN Holdings Plc and dated July 7, 2023, by Honeywell Group Limited stated: “We write on behalf of Barbican Capital Limited, an affiliate of Honeywell Group Limited, and refer to the provisions of Sections 119 and 120 of the Companies and Allied Matters Act 2020 (as amended).

“In addition to the previously disclosed interests by Honeywell Group Limited’s affiliates, kindly take this as notification that, as of 7th July 2023, Barbican Capital Limited has acquired an aggregate of 4,770,269,843 shares in FBN Holdings Plc.

“Kindly accept the assurances of our highest regards—yours faithfully, Yewande Giwa Head, Governance & Sustainability. “On the same day, FBN Holdings Plc acknowledged Honeywell Group Limited’s acquisitions.

In a letter signed by Adewale Arogundade, Acting Company Secretary, it stated: “This is to inform the public and our stakeholders that the Company received a notification dated July 7, 2023 from Honeywell Group Limited that its affiliate, Barbican Capital Limited has acquired an aggregate of 4,770,269,843 units of shares from the Company’s issued share capital of 35,895,292,791, as at the above referenced date. Based on the foregoing, the equity stake of Barbican Capital Limited in the Company is 13.3%.”

Otudeko, who was chairman of FBNH until 2019. Otedola became the bank’s single largest shareholder in 2021 after a board room coup that dethroned Oba Otudeko.

Honeywell Group’s Barbican Capital Limited was incorporated on the 9th of March 2023 – RC 6900918. Persons with significant control of the firm are Otudeko’s children – Oyeleye Foluke of Oladipo Diya Street, Abacha Estate, 2nd Avenue, Ikoyi, Lagos and Otudeko Obafemi Adedamola of Mekunwen Street, Ikoyi, Lagos. #FBNH Hits N729bn as Oba Otudeko Acquires 14% Stake

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