Otudeko, Barbican Capital Ltd Acquires 4.7 Billion Units of FBN Holdings

The 4.7 billion units of FBN Holdings (FBNH) sold on Thursday via 26 different proxies have been linked to Oba Otudeko, the suspected owner of Barbican Capital Ltd, a relatively new entity incorporated on March 9th, 2023.

The acquisition was made public by Nairametrics and is expected to be confirmed by an imminent press release on the NGX Exchange website.

Oba Otudeko, the former chairman of FBNH whose exit paved the way for Femi Otedola to emerge as the largest shareholder of the financial institution, has now been linked to these proxy shareholders,  Bethlehem Properties Limited, Musa Haruna Foods, Yazidu Zakari Ventures Limited, Thornbull Securities Limited, and Moore House Limited, among others.

According to sources with knowledge of the transactions, despite the controversial nature of the deals, Otudeko may declare ownership of at least 13% of the bank in the days to come. This development has raised concerns as no single shareholder had previously declared ownership of such a substantial number of FBNH shares.

FBN Holdings has officially acknowledged the transaction, but details regarding the motivation behind the purchase and the long-term implications for the bank remain unclear.

Market analysts and industry experts are closely monitoring the situation as it could have far-reaching effects on FBNH’s corporate governance and shareholder structure.

Investors and shareholders alike are eager to learn more about the intentions of Barbican Capital Ltd and the role of Oba Otudeko in this controversial transaction.

The NGX Exchange is expected to release a comprehensive statement shedding light on the matter in the coming days. As the story unfolds, it is clear that this acquisition has sent shockwaves through the financial community, leaving many questioning the transparency and fairness of the transaction.