NEW COURT DATE SET FOR N5.4 BILLION FBN SHARES DISPUTE BETWEEN BARBICAN CAPITAL AND FBN HOLDINGS
The Federal High Court in Lagos has scheduled a hearing for October 21, 2024, regarding ongoing disputes over the ownership of N5.4 billion worth of shares in FBN Holdings Plc. The case was filed by Barbican Capital Limited, a subsidiary of Honeywell Group, against First Bank of Nigeria (FBN) Holdings Plc. Barbican claims to own a significant stake of 15.1% of FBN’s listed shares, which Ecobank Nigeria has challenged, arguing that the funds used for the purchase were misappropriated.
Justice Ayokunle Faji granted Ecobank's request to join the case, but further proceedings were delayed until all existing parties regularize their applications. Ecobank contends that Barbican’s share acquisition stems from diverted funds intended to evade debt repayment following a Supreme Court ruling in Ecobank's favor.
The court will now hear several pending applications, including Ecobank's request for the judge to recuse himself from the case, which will be addressed before the case can move forward.
The Federal High Court in Lagos has scheduled a hearing for October 21, 2024, regarding ongoing disputes over the ownership of N5.4 billion worth of shares in FBN Holdings Plc. The case was filed by Barbican Capital Limited, a subsidiary of Honeywell Group, against First Bank of Nigeria (FBN) Holdings Plc. Barbican claims to own a significant stake of 15.1% of FBN’s listed shares, which Ecobank Nigeria has challenged, arguing that the funds used for the purchase were misappropriated.
Justice Ayokunle Faji granted Ecobank's request to join the case, but further proceedings were delayed until all existing parties regularize their applications. Ecobank contends that Barbican’s share acquisition stems from diverted funds intended to evade debt repayment following a Supreme Court ruling in Ecobank's favor.
The court will now hear several pending applications, including Ecobank's request for the judge to recuse himself from the case, which will be addressed before the case can move forward.