Oba Otudeko, former chairman of FBN Holdings, is reportedly behind a transaction of over four billion shares of FBNH on the Nigerian Exchange Group that raised concerns over its validity, as no shareholder had officially owned as many shares. Nairametrics reports.
The sale, valued at around NGN85.5bn ($208.8m), was widely discussed by market analysts, with some suggesting it may have been motivated by the pending Ecobank appeal at the Supreme Court over the implementation of liquidation proceedings against Honeywell Plc, whose majority owner was Otudeko.
Other analysts speculated that the sale may have been undertaken via proxies to mask ownership.
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