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July 11, 2023. Azonuchechi Chukwu. Ecobank Nigeria Limited has demanded the rejection of the recent acquisition of FBN Holdings shares by an entity associated with Oba Otudeko, an erstwhile chairman of the banking group, over an alleged unsettled debt of N13.5 billion. In a letter to FBN Holdings, Kunle Ogunba, lawyer of Ecobank, accused Otudeko |
Ecobank has asked First Bank Holdings to reject the acquisition of 4.7 billion shares by Dr. Oba Otudeko, a former Chairman of the bank.
Ecobank Nigeria has requested from FBN Holdings Plc a temporary suspension of proceedings concerning the acquisition of 4.77 billion shares by Dr. Oba Otudeko.
Ecobank noted that it initiated a legal action against Honeywell Group Limited, Anchorage Leisures Limited, Siloam Global Services Limited and Mr Otudeko at the Federal High Court in Lagos, aimed at recovering the debt.
A Federal High Court in Lagos, Monday, granted Ecobank leave to join Dr. Oba Otudeko, Flour Mills of Nigeria Plc. and Honeywell Group Limited as additional defendants to the counter-claim filed by the bank.