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Following the acquisition of a significant equity stake in FBN Holdings Plc by Oba Otudeko, the Central Bank of Nigeria (CBN) has taken action against Barbican Capital Limited, subjecting it to a technical suspension.
The CBN will review the acquisition in accordance with its ‘fit and proper’ rules, along with the Securities and Exchange Commission and Nigerian Exchange.
While the CBN cannot prevent investors from trading in bank shares, it has the authority to ensure that only suitable individuals have significant influence over bank management and control.
The CBN will assess various criteria, including the source of funds and the credibility of the main beneficial owner, before approving or rejecting the acquisition.
The CBN already has information about Otudeko’s previous involvement with FBN Holdings, and it will determine if he meets the requirements to be considered a ‘fit and proper’ person.
1 comment
That is a very good action to take.