News Formal

Ecobank asks FBN Holdings to reject Otudeko's share acquisition over 'N13bn debt' | TheCable

  • 📰 thecableng
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 80%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Ecobank Nigeria Limited has asked First Bank Nigeria (FBN) Holdings to reject the shares acquisition by Oba Otudeko, its former chairman, over an alleged N13.5 billion debt. The development is

Ecobank Nigeria Limited has asked First Bank Nigeria Holdings to reject the shares acquisition by Oba Otudeko, its former chairman, over an alleged N13.5 billion debt.Barbican Capital Limited, acquired 13 percent stake to gain top spot in theOtudeko, who is the founder and chairman of Honeywell Flour Mill, was the chairman of FBN until 2019.

“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 January 27, 2023, in appeal No. SC/CV/210/2021 delivered judgment affirming the indebtedness of the above persons to our client.

“We state that the said Otudeko has via the said Barbican Capital Limited ‘allegedly’ purchased an aggregate of N4,770,269,843 shares of FBN Holdings Plc.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ecobank asks FBN to reject Otudeko’s share acquisitionEcobank has urged First Bank Holdings to reject the acquisition of 4.7 billion shares by a former Chairman of the bank, Dr Oba Otudeko.
Source: MobilePunch - 🏆 8. / 63 Read more »