LEGIT NG
Ecobank Nigeria Limited has called on FBN Holdings to disapprove Oba Otudeko’s massive share purchase in First Bank Nigeria Limited
Oba Otudeko, who recently made a 4.7 billion shares acquisition in First Bank worth N87.8 billion, is being accused by Ecobank of legal infringement
The bank claims that Otudeko has an obligation to repay an outstanding debt owed it per the directive of the Supreme Court
Ecobank Nigeria Limited has issued a written communication to FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, requesting a temporary suspension of proceedings concerning the acquisition of 4.77 billion shares by Dr Oba Otudeko, Chairman of Honeywell Group. It is worth noting that last Thursday, Honeywell Group, led by Oba Otudeko, made a substantial purchase of 4,770,269,843 company shares through a cross-deal, amounting to N87.8 billion.
This transaction stands out as the largest volume of First Bank shares traded in a single day since 2012 when the stock exchange began publishing data. Acquired at N19 per unit, the shares contribute to Otudeko’s overall ownership, reaching 14% of the bank’s total market value…
