By Becky Usman

In a bid to gain control of First Bank of Nigeria Holdings Plc, Oba Otudeko’s Honeywell Group purchased 4,770,269,843 shares of the company in a cross deal valued at N87.8 billion. This acquisition makes Otudeko the largest shareholder of First Bank, holding 14% of the bank’s outstanding market value. The purchase, made at N19 per share, marks the highest volume of First Bank shares traded in a single day since 2012.

Honeywell Group Limited, in a “disclosure of shareholding” sent to the Company Secretary of FBN Holdings Plc, confirmed the acquisitions through its affiliate, Barbican Capital Limited. The letter stated that Barbican Capital Limited had acquired a total of 4,770,269,843 shares in FBN Holdings Plc, bringing their equity stake in the company to 13.3%.

FBN Holdings Plc acknowledged Honeywell Group Limited’s acquisitions and confirmed the increase in Barbican Capital Limited’s stake in the company to 13.3%.

Following Otudeko’s swift comeback, he now becomes the largest shareholder of First Bank. Previously, billionaire Femi Otedola held that position in 2021 after a battle for control with Hassan Odukale. With a 14% shareholding, Otudeko surpasses Otedola, who now holds a 9% stake. Hassan Odukale and Mike Adenuga both have a joint third-place position, each with a 7% shareholding, while Saheed Arisekola holds fourth place with a 5% stake.

Barbican Capital Limited, a subsidiary of Honeywell Group, was recently incorporated, with Otudeko’s children identified as persons with significant control over the firm. The shares acquired by Honeywell Group were moved from 26 different accounts linked to various entities.

Otudeko, who previously served as the chairman of First Bank until 2019, is using the proceeds from the sale of Honeywell to repurchase the bank’s shares through entities connected to him. This development marks an important milestone in the battle for control of First Bank of Nigeria Holdings Plc.