Tag: First Bank Nigeria

₦12.3bn alleged fraud: EFCC to arraign Oba Otudeko, ex-First Bank MD, Onasanya on Monday 

Aminu Imam
EFCC to arraign2

The Federal High Court in Lagos has fixed Monday, January 20, 2025, for the Economic and Financial Crimes Commission, (EFCC), to arraign the Chairman of Honeywell Group, Chief Oba Otudeko and a former First Bank MD, Stephen Olabisi Onasanya, for allegedly looting ₦12.3billion from First Bank. Otudeko – former Chairman of First Bank of Nigeria (FBN) Holdings –  and Onasanya are to be arraigned alongside a former Board member of Honeywell, Soji Akintayo and a firm, Anchorage Leisure Ltd. connected to Otudeko. According to the EFCC, the four committed the…

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Otudeko grabs First Bank from Otedola, Adenuga; now largest shareholder

Aminu Imam

As the battle for the control of First Bank of Nigeria Holdings Plc intensifies, Oba Otudeko’s Honeywell Group last Thursday bought 4,770,269,843 shares of the firm in a cross deal worth N87.8 billion. This was revealed via a “disclosure of shareholding” sent to FBN Holdings Plc on Friday. These shares, which Otudeko bought at N19 per unit, are the largest volume of First Bank shares traded in a single day since 2012, when the stock exchange started publishing data. The acquisitions takes his shareholding to 14 percent of the bank’s…

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FBN Holdings confirms Otedola’s acquisition of 5.07% equity stake

Aminu Imam

Barely 24 hours after denying notification of possible acquisition of shares by Femi Otedola, the management of FBN Holdings (FBNH) Plc on Saturday confirmed that the business mogul had acquired a 5.07 percent equity stake in the company. FBNH’s Company Secretary, Seye Kosoko, in another statement issued on Saturday, posted on the website of the Nigerian Exchange (NGX) Ltd. affirmed that Otedola and his nominee now own 5.07% equity stake in the company. “We refer to our communication to the market dated October 22, on the above subject wherein we…

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