Honeywell Group, led by Dr. Oba Otudeko, has reportedly bought the largest shares of FBNHoldings Plc in a cross deal worth N87.8 billion.
The shares which Otudeko bought at N19 per unit are the largest volume of FBNHoldings’ shares traded in a single day since 2012 when the stock exchange started publishing data.
The trade has ratcheted up allegations over the validity of the trades considering that no single shareholder hitherto officially owned as many shares.
Though a statement explaining the trade is yet to be released on the Nigerian Stock Exchange, a disclosure of shareholding sent to the Company Secretary, FBNHoldings Plc and dated 7th July 2023, by Honeywell Group Limited stated that Barbican Capital Limited owned by Otudeko’s children has acquired an aggregate of 4,770,269,843 shares in FBNHoldings.
“This is to inform the public and our stakeholders that the Company received a notification dated 7th July 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 per cent”, it reads
In a letter on the same day by Acting Company Secretary Adewale Arogundade, the firm acknowledged the acquisitions.
Otudeko, who was chairman of FBNHoldings until 2019, is making a swift comeback to become the single largest shareholder of the bank.
Billionaire Femi Otedola became the bank’s single largest shareholder in 2021 after a tussle with Hassan Odukale who was also vying for control of the bank after a leadership gap emerged from Otudeko’s exit.
With Otudeko now leading the battle for the control of First Bank of Nigeria Holdings Plc with 14 per cent shareholding, Otedola drops to second with nine per cent shareholding. Hassan Odukale and Mike Adenuga are joint third, each with seven percent shareholding. Saheed Arisekole is fourth with a five percent shareholding.
