Breaking:Oba Otudeko: Barbican Capital revealed as buyer of 4.7 billion FBN Holding shares

The 4.7 billion units of FBN Holdings which was sold on the floor of the Exchange on Thursday 6th of July was sold to Barbican Capital Ltd.

Barbican Capital Limited was incorporated on the 9th of March 2023 with registration number RC 6900918. The person listed as significant control is Oyeleye Foluke and Otudeko Obafemi Adedamola.

CN confirmed this from various sources with knowledge of the matter. We also understand a press release is imminent on the website of the NGX Exchange confirming the trade.

Based on this it is likely that Oba Otudeko will declare at least 13% of the ownership of the bank.

As earlier reported, the shares were sold through “26 proxy shareholders” allegedly related to Oba Otudeko the former chairman of the bank.

We have also been reliably informed that some of the proxy shareholders include Bethlehem Properties Limited, Musa Haruna Foods, Yazidu Zakari Ventures Limited, Thornbull Securities Limited, and Moore House Limited. Others include Impressario Limited, Mahmoud Alheri Limited, Timothy Banfield Limited, and The WhitBread Limited.

FBN Holdings has since confirmed the transaction. 

Back Story

Nairametrics first reported that the former chairman of FBN Holdings, Oba Otudeko was reported to be behind the over four billion shares of FBNH that were transacted on the NGX on Thursday, July 6th, 2023.

• Nairametrics confirmed this from traders on the Exchange with knowledge of the transaction. This has now been made official via the press release.
• The trade has ratcheted up allegations over the validity of the trades considering that no single shareholder hitherto officially owned as many shares.
• Read more here