A Federal High Court in Lagos has fixed April 15, 2025, for the hearing of a suit filed by Ecobank Nigeria Plc against Obafemi Otudeko, managing director of Honeywell Group and son of former FBN Holdings chairman, Oba Otudeko, over the acquisition of 6.31 billion shares in First Bank of Nigeria (FBN) Holdings.
The shares in question were purchased by Barbican Capital Limited, an affiliate of the Honeywell Group, sparking controversy amid lingering legal disputes over a Supreme Court judgment involving Honeywell Group companies and Ecobank.
Justice Deinde Dipeolu scheduled the hearing following an ex-parte motion filed by Ecobank’s counsel, Kunle Ogunba, SAN. The motion seeks to restrain Obafemi Otudeko and other listed parties from selling, transferring, or dealing in the shares in any form until the matter is resolved.
Barbican Capital, Honeywell Flour Mills Plc, Siloam Global Services Limited, Foluke Oyeleye (a director at Honeywell Group), FBN Holdings, the Corporate Affairs Commission (CAC), and the Nigerian Exchange Group were all named as co-defendants in the suit, marked FHC/L/CS/638/2025.
In its originating summons, Ecobank asked the court to determine whether Barbican Capital could validly acquire shares in FBN Holdings, despite Honeywell Group being a judgment debtor in a Supreme Court case involving Anchorage Leisures Limited and others versus Ecobank. The bank also alleged that the registration and operation of Barbican Capital was a calculated move to sidestep the apex court’s judgment.
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Ecobank’s counsel argued that the acquisition of 6.314 billion shares by Barbican Capital was executed using assets that ought to be subject to enforcement actions, describing the transaction as an attempt to “frustrate the execution of judgment.”
An affidavit deposed by Jafaru Kupa, a financial officer at Ecobank, supported the motion, along with documentary exhibits and a written address. Justice Dipeolu has instructed that the defendants be served and required to show cause why the injunction should not be granted.
The court’s decision to set a hearing date follows nearly a year of high-profile controversy surrounding the ownership of FBN Holdings. The saga began on July 7, 2023, when Honeywell Group notified FBN Holdings that its affiliate, Barbican Capital, had acquired over 4.7 billion shares — representing a 13.3% stake in the bank.
The acquisition marked a dramatic return for Oba Otudeko to the bank he once chaired, displacing billionaire investor Femi Otedola as the largest single shareholder. Otedola’s stake stood at 5.57% at the time.
However, despite the acquisition, FBN Holdings’ third-quarter 2023 financials continued to list Otedola as its majority shareholder, omitting Otudeko and Barbican Capital from the top shareholders’ list — a reflection of the ongoing dispute.
Ecobank had previously accused Otudeko of diverting Honeywell Group’s assets to Barbican Capital to shield them from judgment enforcement. Otudeko, in his defence, denied any wrongdoing, arguing that the Supreme Court did not place a financial value on the judgment and had not personally named him liable.
The deal also attracted the scrutiny of the Securities and Exchange Commission (SEC), and triggered protests from concerned shareholders at FBN Holdings’ headquarters, with placards warning against the perceived return of Oba Otudeko.
After months of regulatory silence, FBN Holdings formally listed Barbican Capital as its majority shareholder on February 1, 2024 — a move that may now be subject to reversal depending on the court’s decision later this month.
© Ripples Nigeria