Business

Alleged 5.4bn Shares: CBN, FBN Holdings Ask Court To Dismiss Barbican Capital‘s Suit

Published

11 months ago

August 14, 2024

The Central Bank of Nigeria (CBN), and FBN Holdings Plc have asked a Federal High Court sitting in Lagos to dismiss a suit filed by an investment firm, Barbican Capital Ltd, over the alleged alteration of its alleged 5,386,397,202 units of shares in the bank.
The plaintiff (Barbican Capital Limited) an affiliate company of Honeywell Group Limited in suit no. FHC/L/CS/ 1172/24, had claimed that over the years and at different times, it cumulatively acquired about 5,386,397,202 shares representing 15.1 percent of FBNH overall share listed on the Nigerian Stock Exchange, NSE.
It stated that its shares purchases and dates of issue, were adequately captured by FBNH appointed Registrars, Meristem Registrar and Probate Service Ltd and further acknowledged in the Central Securities Clearing System (CSCS), which contained its value of shares with the bank.
However, FBN Holdings Plc in a written address in response to the Motion on Notice filed by its counsel, Babajide Koku, a Senior Advocate of Nigeria (SAN), informed the court that the plaintiff deliberately concealed the fact of an ongoing verification exercise by the Central Bank of Nigeria (CBN) of its alleged significant shareholdings, according to court records seen by THISDAY.
The bank stated that the primary purpose of instituting the suit was to circumvent the verification exercise and the decision taken by the CBN against Barbican Capital Limited (Plaintiff).
It stated that on 7th of July 2023, the plaintiff in accordance with the regulatory laws and policies notified the defendant (FBN Holdings Plc) that it had acquired units of shares and therefore held a shareholding amounting to about 4,770.269,843 units of shares.
The shareholding was about 13.3 percent of the defendant’s shareholding.
It stated that by the Central Bank of Nigeria (CBN) guidelines for Licencing and Regulation of Financial Holding Companies in Nigeria (issued pursuant to the Central Bank Act of 2007 and Banking and Other Financial Institutions Act 2004), Financial Holding, Companies (including the Defendant) required prior approval to be sought from CBN before the purchase of a FHC’s shareholding of 5 percent and above; or if the share units are purchased on the secondary market, to notify the CBN within seven days from the date of the purchase to obtain a ‘No Objection’ or approval from the CBN.
It stated that pursuant to the CBN Guidelines, the FBN Holdings Plc vide a letter dated 10th of July 2023 notified the CBN of the purported new shareholding of the plaintiff which exceeded the minimum threshold of five per cent shareholding and therein sought the CBN’s approval.
The CBN responded to the defendant’s letter and requested the plaintiff to produce documents for the verification process of the shareholding.
Sequel to the receipt of the CBN’s letter, the defendant forwarded the same to Barbican Capital Ltd and recommended that the plaintiff (Barbican Capital Ltd) should provide the requested documents relevant to the verification process, but the plaintiff failed, refused and neglected in providing all the requested documents.
Consequently, the CBN vide a letter dated 29th of January 2024, informed the defendant that it was only able to verify only 3,110,400.619 units of shares out of the plaintiff’s then 4,770,269,843 billion shareholdings due to insufficient documents.
The defendant added that it communicated the verification status to the Barbican Capital Ltd., however, the plaintiff failed, refused and or neglected to provide the relevant documents to the CBN to date.
Meanwhile, before the CBN letter of 29th of January 2024, the defendant had published its unaudited financial statement for the year ended 2023, in December 2023. Therein, it captured the plaintiff’s shareholding to be 4,886,062,743 in accordance with data gathered from its Members’ Register.
“Further to the verification by the CBN, (the defendant’s Regulator), the defendant has published its Audited Financial Statements for the year end 2023 and its Unaudited Financial Statements for Q1 2024.
“As a regulated entity, the Defendant revised the stated Plaintiff’s shareholding to be in accordance with the verified shareholding by CBN.
“Rather than regularise its status with the CBN by providing relevant documents to the CBN necessary for the verification of its unverified shareholding, the plaintiff has instituted this suit in a bid to activate machinery of justice to compel the defendant to defy its regulator, due process, regulatory laws and policies by mandating it to recognise all of the plaintiff’s purported shareholding obtained without CBN’s approval which as at the time of filing the suit stood to the tune of about 5,397,409,262 billion units,” the defendant added.
Also, the CBN in a 60-paragraph depose to by Orjiakor Nwabueze, a Deputy Director, Banking Supervision Department of Central Bank of Nigeria, stated that for the verification exercise, the plaintiff through its parent company submitted a claim of 5,450,999,924 shares of the Defendant’s shares and wanted its consent/approval for the shareholding.
He stated that the CBN (3rd party) in the exercise of its powers as regulatory and supervisory authority and before granting the consent/approval required needed to satisfy itself that Plaintiff and the group are indeed owners of the shares put forward.
He added that the CBN demanded from the plaintiff and its group evidence of the purchase of shares being claimed by the plaintiff with a view to verifying the shares and satisfying itself that the shares were actually purchased or that they belong to the Plaintiff and its Honeywell Group Ltd.
The verification exercise to be carried out by the CBN is to ensure compliance with the relevant statutory provisions on the acquisition of shares and to ensure transparency.
He added “In the course of the verification exercise, Plaintiff and its group could only provide evidence for the purchase of 3,110,400,619 shares representing 8.67 per cent of the shares of the Defendant and could not provide any evidence of the purchase of the remaining 2,340,599,305 shares representing 6.52 per cent of the shares of the Defendant being claimed by the plaintiff and its group.
“Whilst the verification of shares was ongoing, the CBN having realised that necessary documents were not supplied or provided, wrote the letter of 5th January 2024, to the Defendant notifying it of some documents/information not provided to aid the verification exercise.
“The 3rd party (CBN) instructed the plaintiff and its group to provide materials/evidence to prove its purchase/ownership of the outstanding 2,340,599,305 shares to enable it to verify their authenticity. The 3rd party is still expecting the Plaintiff and its group to come back with relevant materials to enable the 3rd party take a decision to grant consent/approval or not to the outstanding shares.
In the meantime, the 3rd party by its letter of 29th January 2024, communicated the Defendant about the outcome of the verification exercise conducted so far and specifically that only 3,110,400,619 shares (representing 8.67% of Defendant’s total shares) of the total volume of shares being claimed by the Plaintiff and its group could be verified while 2,340,599,305 shares (representing 6.52% shares of Defendant’s total share capital) could not be verified.
“The 3rd party (CBN) being the regulatory and supervisory authority, its decision must be given effect to by the Defendant.
“Defendant by its letter of 28th May, 2024 communicated the plaintiff’s counsel to convey the position of the 3rd party on the verification exercise to the plaintiff.”

Business

Industry Leaders Defend Local Content, … Rally Behind NCDMB

Published

35 mins ago

July 18, 2025

The Tide

Nigeria’s Oil and Gas industry leaders have defended the Nigerian local content policy, rejecting claims that it inflates business costs in the oil and gas sector.

The leaders, who made the defence during the recent Nigerian Oil and Gas (NOG) Energy week held in Abuja, the nation’s capital, cautioned that such criticisms jeopardizes the nation’s industrial progress.

They lauded the Nigerian Content Development and Monitoring Board (NCDMB), for what they described as its pivotal role in building indigenous capacity and fostering innovation.

In a panel session titled “Technology as a Business Strategy”, panellists championed NCDMB’s contributions, emphasizing its success in driving local expertise and technological advancement.

In his remarks, Group Chief Executive Officer of Pana Holdings, Dr. Daere Akobo, dismissed critics of local content, arguing that its benefits to Nigeria’s economy far outweighs any perceived cost increases.

“Claims that local content drives up costs are misguided. How can you prioritize cost over GDP growth? Where will our youth find jobs? Undermining local content for short-term gains is a mistake. Nigeria must stay the course”, he said.

He highlighted his company’s work on Africa’s first digital refinery, a pioneering project showcasing the synergy between technology and local content, and also identified fragmented data in Nigeria’s oil and gas sector as a key barrier to cost efficiency.

Akono said, “Technology drives accountability and curbs cost inflation. But our data remains siloed. Consolidation is critical for industry efficiency.”

Also speaking, Managing-Director of Coleman Cables and Wires, Mr. George Onafowokan, praised NCDMB’s data-driven approach, crediting it for significant strides in local content development.

“Data is the backbone of growth. Effective data collection and accessibility are vital. Thanks to NCDMB, we’ve achieved 52% local content—a remarkable milestone”, he said.

The panellists unanimously agreed that integrating technology, consolidating data, and strengthening institutions like NCDMB are critical to building a resilient and competitive oil and gas sector.

He urged policymakers, operators, and international stakeholders to reject narratives blaming local content for rising costs and rather advocate for robust frameworks and investments to drive inclusive growth and long-term industry stability.

Similarly, speaking at the NOG week, representatives from Ghana, and other African nations have underscored the growing influence of Nigeria’s local content framework and urged stronger cross-border policy alignment.

In his remark, NCDMB’S pioneer Executive Secretary, Ernest Nwapa, highlighted the Nigerian oil and gas sector’s resurgence, saying it is driven by increased production, deregulation, and improved governance, while also emphasizing the need for long-term sustainability to sustain the momentum.

“Africa is a cornerstone of Nigeria’s foreign policy. Initiatives like the West African and African Gas Pipelines, the African Continental Free Trade Area (AfCFTA), and President Bola Ahmed Tinubu’s ‘Nigeria First, Africa Next’ strategy are evidences of Nigeria’s continental commitment.

“When Nigeria enacted its local content law, it faced Western criticism from bodies like the WTO and EU, who labelled it anti-trade. Today, over 16 African nations and even the United States have adopted similar laws. Nigeria must lead again, driving investments that benefit the entire continent”, he said.

In similar vein, Deputy Chief Executive of the Petroleum Commission of Ghana, Nasir Alfa Mohamed, noted that African nations have long looked to Nigeria for energy sector leadership, calling for the dismantling of barriers to regional integration and advocated for standardized regulations.

“A Ghanaian company should be able to compete for contracts in Nigeria based solely on merit. We need joint regulatory bodies, mutual recognition of standards, and robust support for platforms like the African Oil Forum”, he noted.

Mohamed also highlighted Ghana’s growing partnerships with Nigeria and others, including a memorandum of understanding with Uganda, noting that Ghana is currently the only African nation participating in the International Upstream Forum.

In his speech, Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, represented by Prof. Zainab Gobir, stressed the importance of joint infrastructure, uniform tariffs, and coordinated regulations for true economic integration.

“We must uphold our sustainability commitments and support each other in meeting them.

“The Petroleum Industry Act (PIA) is a model, particularly its Midstream and Downstream Gas Infrastructure Fund, designed to de-risk investments in gas and infrastructure projects. We collaborate closely with NCDMB to strengthen local content, ensuring regulations support fair participation”, he said.

Meanwhile, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has reaffirmed the nation’s strategic role in regional energy cooperation, noting that the country accounts for nearly 30% of Africa’s oil reserves and 33% of its gas.

“Our host community development model is a success, fostering stability in oil-producing regions and serving as a blueprint for others”, Komolafe said.

He highlighted the NUPRC’s 17 forward-looking regulations and new frameworks for deepwater development, alongside a production optimization programme built on inter-agency and operator collaboration.

The NUPRC boss also praised President Tinubu’s recent Executive Order, which he said enhances local content laws by prioritizing human capacity development and boosting investor confidence.

“International oil companies now recognize Nigeria’s robust local expertise, making it a key investment draw. We’re exporting our local content model to other African nations”, he said.

Ariwera Ibibo-Howells, Yenagoa

Business

Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP

Published

35 mins ago

July 18, 2025

The Tide

A concerned group of stakeholders under the auspices of Khana Coastal Communities has made a passionate appeal to the Federal Ministry of Environment and the Hydrocarbon Remediation Restoration Project (HYPREP) to include the removal of Nipa palms which has taken over the positions of mangroves in the area as part of the ongoing Ogoni Clean Up Exercise.

The group, which decried the invasive and destructive effects of Nypa fructicans, commonly known as Nipa palms, on the ecosystem of the affected communities, made their appeal in a Press Statement issued shortly after the inspection and survey of the creeks and coastlines of affected communities.

The communities are Kwiri, Kereken, Kaa, Gwara, Sii, Kpean, Tehnnama, Bane, Kalaoku, and Opuoku, all in Khana Local Government Area of Ogoni, Rivers State.

Signed on behalf of the affected communities by comrades Emmanuel Goteh Bie, Raymond Nwibani, and Chief Barineka Tonwe, the statement emphasized the need for urgent intervention to clear the Nypa fructicans and replace them with mangroves which provided sustainable habitat for aquatic species in the affected communities.

The group commended the Federal Ministry of Environment and HYPREP for their commitment to the Ogoni cleanup process and urged all stakeholders involved in the process not to renege on their complementary roles.

The statement read in part: “As you have seen, the Nypa fructicans has taken over our creeks, displacing native mangroves and aquatic life. The impact on our communities has been severe, with many of our people struggling to make a living due to the depletion of fish and other aquatic resources.

“We commend the Hydrocarbon Pollution Remediation Project (HYPREP) for its efforts in restoring native mangroves in Ogoni, particularly in the Bomu Community. However, we are alarmed by the unintended consequences of removing invasive Nypa fructicans, which has led to the disappearance of fish and aquatic life, threatening the livelihoods of our coastal communities.

“We believe that the removal of Nypa fructicans and replanting of native mangroves will help revive our aquatic life and sustain the livelihoods of our people.”

The group passed a vote of confidence on the Minister of Environment, Balarabe Abbas, and HYPREP Coordinator, Prof. Nenibarini Zabbey, for what it described as their unwavering efforts in ensuring the success of the Ogoni cleanup exercise.

They called on the Federal Government to release their counterpart funding to HYPREP without delay to sustain the pace of progress recorded in the clean up process.

“The cleanup exercise is commendable, and any delay in funding could stall the progress and undermine the efforts of all stakeholders. We urge the government to prioritize the Ogoni cleanup exercise and provide the necessary support to ensure its success”, they stated.

They also used the opportunity to caution against the antics of self-inflicted activists or bodies that might attempt to hijack the cleanup agenda and create unnecessary agitation, and assured the total support of the affected communities to HYPREP’s activities to enhance the holistic success of the Ogoni clean up exercise.

Bemene Taneh

Business

NCDMB Promises Oil Industry Synergy With Safety Boots Firm

Published

2 hours ago

July 18, 2025

The Tide

The Nigerian Content Development and Monitoring Board (NCDMB) has promised full support to ensuring that ‘world-class’ safety boots manufactured by a firm, Yikodeen Company Limited, were utilised in-country.

The Tide learnt that the firm recently inaugurated its expanded safety footwear manufacturing plant in the Ejigbo area of Lagos State, a 120,000-square-foot state-of-the-art facility capable of producing 5,000 pairs of safety boots per day.

In his remarks, Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, represented by the Director of Capacity Building, Engr. Abayomi Bamidele, described the inauguration as a landmark event that aligned with the Board’s core mandate to promote local content across Nigeria’s oil and gas value chain and beyond.

“Enterprises like Yikodeen are at the heart of what we stand for at the NCDMB. The ‘D’ in our name stands for Development, and the ‘M’ means Monitoring, which describes our dedicated effort to ensure Nigerian-made products are not just produced, but utilised”, he said.

Ogbe said the NCDMB will continue to support the company, especially as its products meet global standards, and are already being adopted in the oil and gas industry.

“I’ve the mandate to inform you of our full support to ensure that these world-class safety boots are utilised in-country”, he said.

The Board’s Chief Scribe cited the Federal Government’s ‘Nigeria First’ policy, stressing its implications across all sectors.

“The President, through the Bureau of Public Procurement, has directed that all safety footwear procured with public funds must be made in Nigeria. Yikodeen stands to benefit immensely from this directive if strategically positioned”, Ogbe noted.

He commended the founder’s determination, saying from all indications the firm’s boss started from a relatively young age.

“A shoemaker is now a billionaire shoemaker. I urge Nigerian youths to channel their energy into entrepreneurship. The Yikodeen journey is one that inspires national pride”, the NCDMB’S helmsman added.

In his remarks, the Lagos State Governor, Babajide Sanwo-Olu represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, lauded the company’s achievement, describing it as symbolic of Lagos’ industrial vision.

“From a modest workshop in 2016, Yikodeen has emerged as the largest footwear manufacturing company in West Africa. This is not just a factory, it is a movement, a demonstration that Lagos can produce, compete, and export globally”, he said.

Sanwo-Olu affirmed that the factory directly aligned with the State’s industrial policy (2025–2030), which seeks to double the manufacturing sector contribution to the state’s Gross Domestic Product from 7.5 per cent to at least 15 per cent by 2030, reduce dependence on imports for basic consumer goods, and foster an ecosystem where local industries can thrive through forward and backward value chain integration.

“Yikodeen is not only producing shoes, it is producing livelihoods, opportunities, and dignity”, the Lagos Governor added.

Recounting his entrepreneurial journey, founder and CEO of Yikodeen, Mr. Atunde Shamsideen, described the venture as a stubborn dream born in 2015.

“This vision started in a room, with just 20 pairs of shoes. Today, we produce over 2,000 pairs daily to ISO, ASTM, and Nigerian industrial standards”, he said.

He commended the NCDMB for its pivotal role in his company’s growth, noting how the Board helped facilitate years of product testing and eventual adoption by oil and gas companies like Saipem and Daewoo.

“Their enforcement ensured our products got through. Today, those same companies are our biggest customers”, the firm’s CEO added.

He stressed on the potential for job creation if local procurement policies were enforced, claiming that only about two percent of safety boots used in Nigeria were locally manufactured.

“If we enforce local purchase in the oil and gas and public sectors, we can create over 35,000 jobs.Yikodeen’s production ecosystem already engages women in raw material recycling and trains over 1,000 people yearly.

“Buying Made-in-Nigeria goes far beyond commerce. it is about creating value chains, livelihoods, and national dignity”, Shamsideen noted.

Also speaking, Director-General of the Standards Organizationnof Nigeria (SON), Dr. Ifeanyi Okeke, represented by the Director for Lagos Operations, Mrs. Teresa Ojomo, praised Yikodeen’s adherence to national and international safety standards.

“This is not just a facility, it’s a declaration that Nigerian manufacturing can lead globally. The Standards Organization of Nigeria will continue to support companies like Yikodeen who take quality seriously”, he said.

Okeke underscored SON’s partnership with the firm since 2006, culminating in the Mandatory Conformity Assessment Programme certification, which assures consumers of quality and safety, citing the company’s certification under critical standards such as NIS ISO 20346:2004 and ISO 20345:2022.

“Standards are not obstacles, they are enablers. They are the bridge between ambition and market access”, he added.

In his remarks, the Olu of Warri, HRM Ogiame Atuwatse(111), represented by the Ogwa-Olusan, Chief Brown Mene, described Yikodeen as a beacon of hope for Nigeria.

The monarch likened the company to a stubborn vision that refused to be beaten by headwinds, proving that Nigeria was on an upward trend, urging the team to remain visionary and expand globally, while also assuring that the name of Yikodeen will blaze bright and proud.

Ariwera Ibibo-Howells, Yenagoa