FBN Holdings to Sell Off Transferred Shares from Otudeko-Linked Firm
Nigeria’s foremost financial institution, First Bank of Nigeria Plc – now FBN Holdings Plc has confirmed plans to dispose of shares recently acquired via a transaction involving Barbican Capital, a company previously associated with businessman Oba Otudeko.
The announcement was made by the group’s Managing Director, Wale Oyedeji, during an investor briefing in Lagos on Monday.
“We will be disposing of those shares, and there are a range of options available to us,” Oyedeji said. “Ultimately, you will see that those shares will be disposed in the market,” he added.
The shares—approximately 25% of FBN Holdings—were moved using an unconventional structure that involved RC Investment Management Ltd, a special purpose vehicle with undisclosed beneficial ownership.
Oyedeji explained that RC Investment is a “temporary” holder and emphasised that the bank’s capital raising strategy is still on track.
“Capital raising is progressing as planned and not impacted by the recent share divestment,” he said.
The firm is targeting ₦350 billion in capital through private placements in the current quarter to meet new requirements set by the Central Bank of Nigeria. This follows a previous ₦147 billion rights issue that was completed earlier.
