Plans to sell the large stake recently transferred from Barbican Capital Ltd, a company formerly linked to billionaire businessman Oba Otudeko, have been confirmed by FBN Holdings Plc.
During a recent investor conference conducted in Lagos, the Group Managing Director, Wale Oyedeji, made this disclosure.
The News Chronicle understands that shares representing roughly 25% of the company’s equity had been transferred under dubious conditions to RC Investment Management Ltd, a special purpose vehicle (SPV) whose ultimate ownership is still concealed. Eyebrows have been raised throughout the capital market with this peculiar deal structure, therefore drawing regulatory and investor attention.
Oyedeji made it clear that RC Investment is a temporary steward of the stake rather than a long-term shareholder. He guaranteed investors that FBN Holdings is carefully investigating several possibilities to sell the shares in a clear and methodical manner.
We mean to get rid of those shares. Oyedeji remarked on the call that there are several possibilities on the table, and eventually, the shares will be sold on the open market. But he resisted providing a clear timeline for the sell-off.
TNC learnt that the recent transfer had no effect on the bank’s overall plan to increase its capital base.FBN Holdings is going on with its capital raising plan despite the diversionary effect of the BarbicanRC agreement. As part of its drive to meet the Central Bank of Nigeria’s updated capital adequacy standards for financial institutions, the group has set a target to raise ₦350 billion this quarter by private placements.
This action follows a recently finished ₦147 billion rights issue, which marked the first stage of its recapitalisation plan. The income from both fundraising rounds is meant to finance the bank’s growth plans and improve its financial stability in light of changing legal requirements.
According to industry experts, the quick sale of the contentious stake could help to restore investor confidence and indicate a fresh dedication to corporate openness at FBN Holdings.
