In a cross-deal for N87.8 billion, Oba Otudeko’s Honeywell Group is said to have acquired the largest stake in First Bank of Nigeria Holdings Plc.
According to a report by Arise News, the shares that Otudeko purchased for N19 each represent the greatest volume of First Bank shares traded in a single day since the stock market began posting statistics in 2012.
Given that no single shareholder has previously been formally in possession of that many shares, the trade has increased questions about the legitimacy of the transactions.
“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%”, it reads
The company acknowledged the acquisitions in a letter on the same day that was signed by Adewale Arogundade, Acting Company Secretary.
Otudeko, who served as First Bank’s chairman from 2014 to 2019, is quickly returning and will soon hold the majority of the bank’s shares.
After a fight with Hassan Odukale, who was also seeking for control of the bank after Otudeko’s departure, billionaire Femi Otedola ended up as the bank’s sole shareholder in 2021.
Otedola drops to second place with 9% of the company, with Otudeko currently in the lead in the fight for control of First Bank of Nigeria Holdings Plc. Mike Adenuga and Hassan Odukale share third place with a combined stake of 7% apiece. Saheed Arisekole is in fourth place with 5% of the company. the news report from Arise News.
