The chairman of Nigerian conglomerate Honeywell Group, Oba Otudeko, has purchased 4.7 billion shares of the First Bank of Nigeria Holdings (FBNH), making him the single largest shareholder.
It was gathered that Otudeko, who held 1.49 per cent of First Bank shares in 2021, increased his stake in a cross deal worth N87.8 billion on Thursday, July 6, 2023.
Otudeko, who was chairman of First Bank until 2019, took over from billionaire businessmen – Femi Otedola and Mike Adenuga.
The shares, which Otudeko bought for N87.8 billion at N19 per unit, are the largest volume of First Bank shares traded in a single day since 2012 when the stock exchange started publishing data.
Confirming the acquisition, the Head, Governance and Sustainability, Honeywell Group, Yewande Giwa, in a ‘disclosure of shareholding’ sent to FBN Holdings Plc on Friday, said: “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).
READ ALSO: First Bank’s gross earnings hit N245.7bn in Q1 2023
“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.”
The FBNH, while acknowledging Honeywell Group Limited’s acquisitions via a letter signed by its acting secretary, Adewale Arogundade, said: “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%.”
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.
Otudeko now leads the battle for the control of First Bank with 14 per cent shareholding, while Otedola drops to second with nine per cent.
Messrs Odukale and Adenuga are joint third, each with seven per cent shareholding, while Saheed Arisekola is fourth with a five per cent shareholding.
- ‘I couldn’t leave now’: Guardiola signs new Man City contract - November 22, 2024
- Stock market investors lose N143bn - November 22, 2024
- Senate Leader Bamidele: I had no altercation with Akpabio - November 22, 2024
