In a significant development, Honeywell Group, led by Oba Otudeko, has acquired a substantial stake in First Bank of Nigeria Holdings Plc. The transaction, valued at N87.8 billion, involved the purchase of 4,770,269,843 shares in a cross deal. This marks the highest volume of First Bank shares traded in a single day since 2012. With this acquisition, Oba Otudeko emerges as the largest shareholder with a 14% stake in the bank.
The disclosure of shareholding, sent by Honeywell Group’s affiliate, Barbican Capital Limited, confirmed the acquisition. FBN Holdings Plc also acknowledged the transaction, stating that Barbican Capital Limited now holds a 13.3% equity stake in the company.
Oba Otudeko, the former chairman of First Bank, swiftly returns as the leading shareholder. Billionaire Femi Otedola had previously assumed that position in 2021 during a leadership gap caused by Otudeko’s departure. Sources indicate that Otudeko is utilizing proceeds from the sale of Honeywell Group to repurchase First Bank shares through affiliated entities.
As a result, the revised shareholding structure of First Bank positions Oba Otudeko as the leading shareholder with 14%, followed by Femi Otedola with 9%. Hassan Odukale and Mike Adenuga hold joint third place, each with a 7% stake. Saheed Arisekole ranks fourth with a 5% shareholding.
This acquisition by Honeywell Group’s Barbican Capital Limited involved shares transferred from 26 different accounts, including Dogonyaro Investments Limited, Home Securities Limited, Skyview Estates Limited, and others. It is worth noting that Honeywell Group previously concluded a notable transaction with the sale of Honeywell Flour Mills Plc to Flour Mills Nigeria for N82 billion.
