Ownership battle rages at Nigeria’s oldest bank

Ownership battle rages at Nigeria’s oldest bank

BUSINESS DAY

In the storied corridors of First Bank Holdings, Nigeria’s oldest bank, a battle of titanic proportions is brewing over the single largest shareholder of the bank.

First Bank Holdings in its audited accounts for 2023 puts Femi Otedola, the bank’s chairman, as the single largest shareholder with a 9.41 percent stake in the financial institution.

However, data from the Central Securities Clearing System (CSCS), the widely accepted source for confirming share ownership, puts Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 percent stake.

There are also records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, confirming Barbican Capital as the single largest shareholder with 5,386,397,202 shares (5.38 billion) shares as of May 23, 2024.

Barbican Capital has sued First Bank Holdings for wrongly stating its shareholding in its audited financial statement, following a curious U-turn from the figures published in its unaudited statement where it allotted the right shareholding to Barbican Capital.

READ THE FULL STORY IN BUSINESS DAY

Ticker Tape Widget

No Description

More

Leave a Reply

Your email address will not be published. Required fields are marked *

Ownership battle rages at Nigeria’s oldest bank

 

Log In

Or with username:

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.