How Oba Otudeko’s Honeywell Group became largest shareholder at Nigeria’s oldest bank
Honeywell Group and its affiliates have purchased a majority shareholding in FBN Holdings Plc (FBNH), the parent company of Nigeria’s oldest bank.
According to a statement from the company, its SPV, Barbican Capital Limited, has purchased over 4,770,269,843 additional shares. This is valued at over ₦105 billion at the current market value, leading to a staggering 14.8% stake in FBN Holdings Plc.
The share prices ranged between ₦17 and ₦20 each and were purchased over the course of Thursday and Friday, July 6 and 7, 2023, stock market dealers and undisclosed sources confirmed.
FBN Holdings Plc issued and fully paid-up share capital amounts to 35,895,292,791 ordinary shares.
In a notification to the NGX by FBNH’s Ag. Company Secretary, Adewale L.O. Arogundade, stated that Honeywell Group Limited’s affiliate, Barbican Capital Limited has acquired an aggregate of 4,770,269,843 units of shares from the Company’s issued share capital of 35,895,292,791, as at the above-referenced date. Based on the foregoing, the equity stake of Barbican Capital Limited in the Company is 13.3%.”
FBN is expected to notify the requisite regulatory authorities, the Nigerian Exchange Group, and shareholders of the developments.
This purchase will make the Otudeko-led Honeywell Group, the largest owner of shares (by volume) in the bank.
