First Bank of Nigeria Holdings Plc has taken steps to protect its interests in response to a lawsuit filed by investment firm Barbican Capital Limited. The lawsuit accuses FBN Holdings of allegedly tampering with its shareholding in the company.
In a corporate notice filed with the Nigerian Exchange Limited and signed by acting Company Secretary Adewale Arogundade, FBN Holdings stated that it has engaged solicitors to represent its interests in the ongoing legal proceedings.
The notice emphasized the company’s commitment to upholding corporate governance standards and avoiding public discussions on the matter outside of the court proceedings. The Central Bank of Nigeria has also been involved in the case as a result of a third-party notice.
The case, scheduled for a hearing on October 2, 2024, involves allegations by Barbican Capital that FBN Holdings altered its 5.4 billion shares in the company. The financial statements of Barbican Capital indicated a decrease in its shareholding percentage as confirmed by the Central Bank of Nigeria.
Barbican Capital, a subsidiary of Honeywell Group Limited, claimed to have acquired a substantial number of FBNH shares over time, which were recorded by the company’s registrars and acknowledged by the Central Securities Clearing System.
FBN Holdings responded to the claims by stating that the plaintiff concealed ongoing verification exercises by the CBN concerning its shareholdings. The institution had notified the CBN of its share acquisition in line with regulatory guidelines.
During the verification process, the CBN was unable to confirm the full extent of Barbican Capital’s claimed shareholdings, leading to conflicting assertions between the parties involved.
In a deposition submitted by a Deputy Director of the CBN’s Banking Supervision Department, discrepancies in the claimed and verified shareholding figures were highlighted. Both FBNH and the CBN have requested the court to dismiss the lawsuit filed by Barbican Capital.