FBN Holdings is moving to draw a line under the surprise transfer of a major stake linked to businessman Oba Otudeko.
In an investor call on Monday, Managing Director Wale Oyedeji revealed that shares recently moved from Barbican Capital to an undisclosed vehicle will be sold off.
Ultimately, you will see that those shares will go to the market.”
Although he didn’t specify a timeline, his comments followed a complex transaction last month.
Then, Barbican Capital offloaded roughly 25% of FBN Holdings’ shares by transferring them to RC Investment Management Ltd.
The structure raised eyebrows because the special purpose vehicle did not disclose its beneficial owners.
Clarifying the situation, Oyedeji labelled RC Investment as a “temporary” holder and emphasised that the group would soon move the shares out of that structure.
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Capital Raise On Track
Meanwhile, despite the divestment, FBN Holdings continues to push forward with its capital-raising plans.
“Capital raising is progressing as planned and not impacted by the recent share divestment,” Oyedeji affirmed.
Now, the group aims to raise ₦350 billion (around $228 million) through private placements this quarter.
With this, it intends to meet the Central Bank of Nigeria’s new capital requirements.
Earlier, it completed a ₦147 billion rights issue—another step in its broader financial strengthening strategy.
