Ecobank Nigeria Limited has filed a lawsuit against Barbican Capital Limited and several associated entities to prevent them from selling or transferring approximately 6.3 billion shares in FBN Holdings. The suit, dated April 3, 2025, was lodged at the Federal High Court in Lagos.
The defendants in the case include Honeywell Flour Mills, Siloam Global Services Limited, Obafemi Adedamola Otudeko (Managing Director of Honeywell Group Limited), Oyeleye Foluke, FBN Holdings Plc, the Corporate Affairs Commission, and the Nigerian Exchange. Ecobank alleges that the shares in question were acquired using funds from the sale of Honeywell Flour Mills shares, which were pledged as security for loans previously granted by Ecobank.
Ecobank asserts that Barbican Capital was established as a special purpose vehicle by Honeywell’s principals to acquire a majority stake in FBN Holdings. The bank contends that the proceeds from the sale of Honeywell Flour Mills shares, which were pledged as collateral for loans, were used for this acquisition without settling the outstanding debts.
In its filing, Ecobank seeks a court order to restrain the defendants from dematerializing, selling, or transferring the disputed shares until the resolution of the case. Additionally, the bank requests that FBN Holdings and the Nigerian Exchange update their records to reflect Ecobank as the rightful owner of the shares.
