Ecobank Nigeria Plc has filed a lawsuit against Honeywell Group and its affiliate, Barbican Capital Limited, over the acquisition of 6.31 billion shares in First Bank of Nigeria (FBN) Holdings.
The shares were purchased by Barbican Capital, sparking controversy amid lingering legal disputes over a Supreme Court judgment involving Honeywell Group companies and Ecobank.
The Federal High Court in Lagos has scheduled a hearing for April 15, 2025, to consider Ecobank’s motion to restrain Obafemi Otudeko, managing director of Honeywell Group, and other listed parties from selling, transferring, or dealing in the shares until the matter is resolved.
Ecobank alleges that the acquisition was an attempt to sidestep the Supreme Court’s judgment and frustrate the execution of the court’s decision. The bank claims that Barbican Capital’s registration and operation were a calculated move to avoid enforcement actions.
The lawsuit has sparked a heated debate over the ownership of FBN Holdings, with Honeywell Group and Ecobank locked in a bitter dispute. The outcome of the court’s decision could have significant implications for the future of the bank.
