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

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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.”

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