The Central Bank of Nigeria (CBN) has clarified that Barbican Capital Limited could substantiate its ownership of only 3,110,400,619 shares, equating to 8.67% of FBN Holdings’ total shares, amidst an ongoing dispute over its alleged shareholding.
In a detailed response to a lawsuit filed by Barbican Capital, the CBN revealed that while the investment firm claimed to hold 5,450,999,924 shares, only a fraction of this could be verified. The apex bank’s response, provided by Orjiakor Nwabueze, Deputy Director of the Banking Supervision Department, noted that Barbican and its affiliates could not substantiate their claim for the remaining 2,340,599,305 shares, which represents 6.52% of FBN Holdings.
The verification process identified a lack of necessary documentation from Barbican Capital, prompting the CBN to request further evidence to verify the unaccounted shares. The CBN’s letter dated January 5, 2024, which was shared with the court, emphasized the need for comprehensive documentation to proceed with the approval of the disputed shares.
In response to the CBN’s findings, FBN Holdings has urged a Federal High Court in Lagos to dismiss Barbican’s suit, arguing that the firm is concealing details of the ongoing verification. The case, identified as Suit No. FHC/L/CS/1172/24, involves Barbican Capital claiming to hold approximately 15.1% of FBN Holdings’ shares, a figure significantly higher than what has been verified.
The dispute highlights ongoing tensions over shareholding verification processes in Nigeria’s financial sector.
