Ecobank asks FBN to reject Otudeko’s share acquisition

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Ecobank has urged First Bank Holdings to reject the acquisition of 4.7 billion shares by a former Chairman of the bank, Dr Oba Otudeko.

The bank raised the alarm in a letter written by its Legal Counsel, Kunle Ogunba & Associates, in which it stated that the business magnate, through his affiliated entities, owed the bank N13.5bn.

According to the letter made available to The PUNCH, the legal tussle between Otudeko and the bank was in view of recouping the debts owed by the highlighted business entities. The letter read in part, “Whereas, the prior-mentioned entities had initially disputed their indebtedness to our client and had consequently filed an action in court to that effect, the Supreme Court on the 27th day of January, 2023 in Appeal No.

The letter read, “We state that the said Dr Oba Otudeko has via the said Barbican Capital Limited allegedly purchased 4,770, 269, 843, shares of FBN Holdings Plc.”

 

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