Ecobank advises FBN against approving Otudeko’s share acquisition.

Ecobank Nigeria has sent a letter to FBN Holdings, urging them to halt the ratification of 4.77 billion shares allegedly purchased by Dr. Oba Otudeko, the Chairman of Honeywell Group. Ecobank claims that ratifying the acquisition would assist Otudeko in diverting funds meant to repay a debt of over N13.5 billion owed to the bank. The debts, which have been ruled in favor of Ecobank by the courts, were personally guaranteed by Otudeko and are owed by different companies in which he has an interest. Ecobank has taken legal action to recover the debts and accuses Otudeko of using Barbican Capital Limited, a recently incorporated company, to divert assets and frustrate the enforcement of the court’s judgment. Ecobank is requesting that FBN Holdings reject the approval of the shares and provide information on the status of the transaction.