Former chairman of FBNHoldings, Dr. Oba Otudeko is officially the single largest shareholders of FBNHoldings Plc, according to Adewale Arogundade, the Acting Company Secretary.
In a series of market manoeuvres during the week, Otudeko’s Honeywell Group, through its subsidiary, Barbican Capital Limited bought 4,770,269,843 shares of the firm in a cross deal worth N87.8 billion. This translates to 13.3 percent stake in the financial services group. The shares were moved from 26 different accounts.
Analysts forecast that the N729 billion market valuation which the bank attained as a result of the latest deal, could climb to N1trillion before the end of the year.
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, 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.
