News Formal

SEC probes Otudeko’s 13.3% share acquisition in FBN Holdings | TheCable

  • 📰 thecableng
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 80%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

The Securities and Exchange Commission (SEC) says it is investigating the acquisition of 4.77 billion shares of FBN Holdings by Oba Otudeko, chairman of Honeywell Group.

The official said the capital market regulator has commenced a probe into the process of share acquisition by the Otudeko-led Honeywell Group.

“Presently, the SEC has not taken any position on the matter as it requires a careful investigation,” the official, who craved anonymity, said.The disclosure comes amid an ongoing dispute over a N13.5 billion debt between Honeywell Group and Ecobank.a total of 4,770,269,843 units of FBN Holdings’ shares.

The purchase brought the stake held by the company in the premier bank to 13.3 percent, making it the majority shareholder.However, few days after the purchase, Ecobank wrote a letter to FBN Holdings, asking the bank toEcobank claimed that Honeywell owes it a debt of N13.5 billion — a claim the company

 

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 UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

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

Ecobank asks FBN Holdings to reject Otudeko's share acquisition over 'N13bn debt' | TheCableEcobank 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
Source: thecableng - 🏆 2. / 80 Read more »

SEC investigates Otudeko’s FBN share acquisitionthe Securities and Exchange Council is currently investigating the acquisition of 4.7 billion shares of FBN Holdings by a former Chairman of the bank, Oba Otudeko, The PUNCH has confirmed.
Source: MobilePunch - 🏆 8. / 63 Read more »

Honeywell Group Increases Investment In FBN Holdings To 14.8% StakeHoneywell Group has acquired 4.770 billion shares of FBN Holdings Plc on the floor of the Nigerian Exchange Limited.
Source: LeadershipNGA - 🏆 4. / 77 Read more »

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 »