Oba Otudeko’s Barbican Capital displaces Otedola as First Bank Holdings majority shareholder

Barbican Capital has acquired 4.77 billion shares of First Bank of Nigeria (FBN) Holdings.

FBN Holdings confirmed the development in a notice sent to the Nigerian Exchange Group (NGX) on Friday.

First Bank Holdings said Barbican Capital bought a total of 4,770,269,843 units, a 13.3 percent majority stake in the lender.

Barbican Capital is owned by Oba Otudeko, a former chairman of FBN Holdings in 2021.

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The statement read: “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%.”

This means the billionaire owner of Geregu Power, Femi Otedola, is no longer the majority shareholder in FBN Holdings, as he owns 1.99 billion shares or a 5.57 percent stake in the company as of March 2023.

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