First Bank to sell Otudeko’s released stake, says MD

Abiola Olawale
Writer

Ad

Mapped: U.S. Tariff Rates by Country

Key Takeaways The Trump administration increased tariffs, citing trade deficits and national security concerns. Brazil and India received the highest tariff rate of 50%. Under the second Trump administration, new tariff levels have been applied to over 80 countries, with rates ranging from 10% to 50%. The U.S. President argues that persistent trade deficits and…

Thai Court Dismisses PM Over Compromising Phone Call with Cambodian Leader

Thailand’s Constitutional Court on Friday dismissed Paetongtarn Shinawatra from her position as prime minister, ruling that as the country’s leader she violated constitutional rules on ethics in a phone call with Cambodia’s Senate President Hun Sen. The ruling means she immediately loses her job, which she had held for about a year. Paetongtarn was suspended…

Oil Prices Dip but Stay on Track to Extend Last Week’s Gains

Crude oil prices were set for another weekly rise after additional 25% tariffs on Indian exports to the United States kicked in on Wednesday, raising doubts about the supply of Russian crude. At the time of writing, Brent crude was trading at $68.17 per barrel, with West Texas Intermediate at $64.20 per barrel, both slightly down from Thursday’s close…

Ad

First Bank’s holding company, FBN Holdings Plc, says it will sell shares recently transferred from Barbican Capital, a firm linked to businessman Oba Otudeko, through an unnamed special purpose vehicle.

Managing Director Wale Oyedeji disclosed this on Monday during an investor call in Lagos.

“We will be disposing 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, without providing a timeline.

Last month, Barbican Capital sold about 25% of FBN Holdings’ shares using an unusual structure that involved transferring the stake to RC Investment Management Ltd—a special purpose vehicle whose beneficial owners were not disclosed.

Oyedeji described RC Investment as a “temporary” holder of the shares, adding that the bank’s capital raising plans remain on course.

“Capital raising is progressing as planned and not impacted by the recent share divestment,” he said.

FBN Holdings is aiming to raise ₦350 billion ($228 million) via private placements this quarter to meet the Central Bank of Nigeria’s new capital requirements. This comes after a ₦147 billion rights issue completed earlier.

Credit: BusinessDay.fom

Ad

X whatsapp