Oba Otudeko is reported to be secretly plotting a come-back at the First Bank Of Nigeria Limited, where he was erstwhile chairman, by stealthily acquiring shares of the bank through proxies that will give him the controlling shares in the bank.
He is recently reported to have purchased 4.5billion units of FBN Holdings shares which were sold on the floor of the Nigerian Stock Exchange on Thursday, using a front named Barbicon Capital Limited.
The firm incorporated early this year, has Oyeleye Foluke and Otudeko Adedamola, with controlling shares.
The shares were sold through 26 proxy shareholders which many say are related to the former First Bank Chairman Oba Otudeko.
The significance of this, experts say, will mean that Otudeko may be seeking to control FBN if he is able to acquire at least 12 per cent ownership of the company.
Recall that two years ago, the now embattled former Central Bank Governor, Godwin Emefiele sacked Oba Otudeko as chairman of the First Bank alongside a director of the bank, Ibukun Awosika as well as other directors of the bank over alleged refusal to submit to regulatory authority, corporate governance breach and taking actions that compromised the health of the bank
