Barbican, Honeywell owners to meet with FBN stakeholders amid shareholders’ rift

The owners of Barbican Capital Limited, and its affiliate, Honeywell Group, Obafemi Otudeko and Foluke Oyeleye, will meet with stakeholders of FBN Holdings this week.

Ripples Nigeria notes that the meeting will hold amid a reported rift between Otudeko, the former chairman of FBN Holdings, and the majority shareholders of the financial institution.

Recall that last week, reports emerged that Otudeko had returned as the largest shareholder of FBN Holdings through his investment company, Barbican Capital, which he co-owns with Oyeleye.

Barbican Capital acquired 4.77 billion shares in FBN Holdings, representing 13.3 per cent, although a source said the stake was up to 15.1 per cent.

This handed the controlling stake to Otudeko, displacing Femi Otedola, who previously held the largest shareholder position with 1.99 billion shares or a 5.57 per cent stake in FBN Holdings as of March 2023.

While FBN Holdings has confirmed publicly that Barbican is now the largest shareholder, reports have been emerging from the financial institution that Otudeko’s acquisition, estimated to be worth about N100 billion (including the share sales and other costs) doesn’t sit well with the board.

But the feud might come to an end this week, as the teams of Barbican Capital Limited, Honeywell Group and FBN Holdings meet – although, no date has been confirmed for the meeting.

Honeywell on investing in FBN Holdings

According to Barbican Capital’s parent company, Honeywell Group, it wrote to the chairman of FBN Holdings, stating they are known for long-term investments and committed to investing in great businesses with immense growth potential.

“Our approach involves working closely with stakeholders with a shared vision to foster the creation and enhancement of value for all. We understand that this requires time and patience.

“Our intention is to follow this approach in respect of our investment in FBN Holdings, an iconic institution which we greatly respect and with which we have a deep and long-term relationship, as customers, investors, and board member.”

Honeywell Group stated further that the firm’s intention is to “work with all stakeholders to create value for all shareholders.

“We enjoy long-standing personal relationships with the company’s other key shareholders, and we look forward to leveraging these relationships as we collectively work towards enhancing the value of FBN Holdings Plc.”

It was revealed that upon their investment, the market capitalisation of FBN Holdings Plc appreciated by N116.66 billion last week.

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