7 Companies Owned by Otudeko, First Bank's New Largest Shareholder
- Oba Otudeko, First Bank's newest shareholder, made the news following the announcement that he had acquired a majority stake in First Bank
- The move saw him oust Femi Otedola as the newest owner of First Bank of Nigeria Holdings Plc
- It has emerged that Otudeko owns controlling shares in seven other companies in Nigeria
As the battle for the control and ownership of Nigeria's oldest bank, First Bank rages, there have been insinuations that the newest largest shareholder of the company, Oba Otudeko owns a slew of businesses, one of which he used to acquire the majority shares of First Bank of Nigeria Holdings Plc.
Otudeko made a surprising comeback on Thursday, July 6, 2023, when news filtered in that the businessman had acquired the majority equity in First Bank via one of his companies, Barbican Capital Limited.
Source: Getty Images
Otudeko becomes First Bank's largest shareholder
Otudeko's move immediately ousted billionaire businessman and CEO of Geregu Power, Femi Otedola, who took over the bank last year after a much-publicized power brawl at one of Nigeria's biggest banks.
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Barbican Capital announced that it has acquired 13.3% equity in FBNH, cementing Otudeko's position as the bank's majority shareholder.
According to reports, the 79-year-old Otudeko was featured on Forbes, which put his net worth at $554 million in 2014.
He is the founder and Chairman of Honeywell Group, a multifaceted company with holdings in various sectors.
Honeywell's most popular brand, Honeywell Flour Mills, was sold to Flour Mills of Nigeria for about N84 billion, about $53 million.
However, Otudeko owns controlling stakes in other companies spanning energy, real estate, and tech.
Here are other companies linked to Otudeko.
- Broadview Engineering Limited:
- HOGL Energy Limited
- Rosetti Pivot Nigeria Limited
- Anchorage Leisures
- Uraga Real Estate
- Shoreline Logistics Nigeria:
- Pavilion Technology
Oba Otudeko fights back, takes over First Bank From Otedola as largest shareholder
Legit.ng reported that Honeywell Group, owned by Oba Otudeko, notified the Securities and Exchange Commission of acquiring additional equity of almost five billion shares of First Bank of Nigeria.
The acquisition notice was also sent to FBN Holdings via a Honeywell Group affiliate, Barbican Capital Limited.
A statement on Honeywell's website said that the company had notified FBN Holdings and regulatory authorities of the acquisition of 4,770,269,843 shares of FBN by its sister company, Barbican Capital Limited.
Source: Legit.ng
