The acquisition involves 4.7 billion shares, bought at N19 per unit, marking the largest volume of First Bank shares traded in a single day since the stock exchange began publishing data in 2012. With this purchase, Otudeko's shareholding in the bank amounts to 14 per cent of its outstanding market value.
In a disclosure of shareholding sent to FBN Holdings Plc, Honeywell Group's affiliate, Barbican Capital Limited, confirmed the acquisition of 4,770,269,843 shares in FBN Holdings Plc. Yewande Giwa, Head of Governance & Sustainability at Honeywell Group, stated in the letter, "In addition to the previously disclosed interests by Honeywell Group Limited's affiliates, kindly take this as notification that, as of 7th July 2023, Barbican Capital Limited has acquired an aggregate of 4,770,269,843 shares in FBN Holdings Plc."
FBN Holdings Plc, in response, acknowledged the acquisitions made by Honeywell Group Limited. The acting company secretary, Adewale Arogundade, confirmed in a letter that Barbican Capital Limited now holds an equity stake of 13.3% in the company.
Oba Otudeko, previously the chairman of First Bank until 2019, returned to become the bank's single largest shareholder. In 2021, Femi Otedola assumed the position of the bank's largest shareholder after a power struggle with Hassan Odukale, who also sought control of the bank following Otudeko's departure.
With his current 14% shareholding, Otudeko now leads the battle for control of First Bank of Nigeria Holdings Plc, pushing Otedola to second place with a 9% stake. Odukale and Adenuga hold joint third positions, each with a 7% shareholding, while Saheed Arisekola holds the fourth position with a 5% stake.
In May 2022, Otudeko sold Honeywell's shares worth N22 billion to repay a longstanding debt to FBNH. Following months of negotiations and proper documentation, Flour Mills Nigeria Plc, led by Greek investor John Coumantaros, announced its acquisition of a 71.69% stake in Honeywell Flour Mills, as well as a 5.06% stake in the company for N4.2 ($0.01011) per share.