Business

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

Published

1 year 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

AFAN Unveils Plans To Boost Food Production In 2026

Published

13 hours ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi

Business

Industrialism, Agriculture To End Food Imports, ex-AfDB Adviser Tells FG

Published

14 hours ago

January 9, 2026

The Tide

Former Senior Special Adviser on Industrialisation to the President of the African Development Bank (AfDB), Professor Banji Oyelaran-Oyeyinka, has urged the Nigerian government to urgently industrialise the agricultural sector as a pathway to food security, economic diversification, and sustainable job creation.

Professor Oyelaran-Oyeyinka made the call while speaking at the Oyo State Economic Summit held at the International Institute of Tropical Agriculture (IITA), Ibadan, during a lecture titled “Industrialising Agriculture for Economic Development and Food Security: Enhancing National Economies and Sub-National Entities.”

He cautioned that despite Nigeria’s vast arable land and its position as a leading global producer of crops such as cassava and yams, the country remains food-deficient and heavily dependent on costly food imports.

He highlighted that Nigeria spends over one trillion naira annually importing wheat, rice, sugar, and fish, a persistent trend that drains foreign exchange, undermines local farmers, weakens industrial competitiveness, and fuels unemployment.

The development economist argued that the solution lay in transforming agriculture from a subsistence activity into a modern, industrial enterprise capable of producing surplus, supporting manufacturing, and driving broad-based economic growth.

He explained that industrialising agriculture does not mean replacing rural communities with factories, but rather empowering farmers with technology, skills, infrastructure, and market access to raise productivity and incomes.

According to Professor Oyelaran-Oyeyinka, Nigeria’s low agricultural productivity reflected deeper structural challenges, including weak education systems, limited skills, and inadequate investment in technology and infrastructure.

He noted that countries that successfully transitioned from low-income to middle-income status did so by modernising agriculture alongside industrial development, creating strong linkages between farms, processing industries, and markets.

Oyelaran-Oyeyinka highlighted stark yield disparities between Africa and Asia, noting that cereal yields across African countries remain less than a third of those achieved in East Asia.

This gap, he said, explains why African economies struggle to compete globally and why industrialisation efforts have stalled.

Professor Oyelaran-Oyeyinka outlined key pillars of agricultural industrialisation, including mechanisation, value addition, integrated supply chains, access to finance, improved seed systems, and targeted investment in human and technological capabilities.

He stressed that farms must be treated as “factories without roofs,” capable of feeding into agro-processing, manufacturing, and export industries.

The visiting professor at The Open University in Milton Keynes said the economic benefits of such a transformation would be far-reaching, including reduced dependence on oil, large-scale job creation, significant foreign exchange savings, and stronger national food security.

Drawing lessons from Vietnam, he described how deliberate agricultural modernisation helped transform the Southeast Asian country from a food importer into one of the world’s leading exporters of rice, coffee, cashew, and seafood.

Vietnam’s agribusiness exports, he said, now generate tens of billions of dollars annually and underpin the country’s wider industrial success.

He attributed Vietnam’s success to consistent policies, heavy investment in agro-processing, strong farmer–industry linkages, and the use of special economic zones to drive value addition and export competitiveness.

Oyelaran-Oyeyinka noted that similar models are emerging in Nigeria, including in Oyo State, but warned that they require reliable infrastructure, policy stability, and empowered governance to succeed.

The professor called on state governments to prioritise power, roads, and logistics, strengthen agricultural extension services, and create efficient special agro-industrial processing zones that attract major domestic and international investors.

He also urged the private sector to view agriculture as a profitable business frontier rather than a social obligation, noting that Nigeria’s future prosperity depended less on oil and more on harnessing the productive potential of its land and people.

“We are a nation that can feed itself and others, yet we remain food-insecure and overly dependent on imports. This paradox is holding back our economy.”

“Industrialising agriculture does not erase our rural roots; it transforms them into engines of productivity, wealth creation and national development.”

“Subsistence agriculture is both a cause and a consequence of technological backwardness, and no country has reached middle-income status without first modernising its agriculture.”

“A farm must be treated as a factory without a roof, connected to processing, logistics, finance and markets. Vietnam shows that agricultural transformation is not accidental; it is the result of deliberate policies that link farmers to industry and global markets.”

“The seeds of Nigeria’s prosperity are not buried in oil wells; they are sown in the fertile soils of our ecological zones,” he said.

Lady Usendi

Business

Cashew Industry Can Generate $10bn Annually- Association

Published

14 hours ago

January 9, 2026

The Tide

The President of the National Cashew Association of Nigeria (NCAN), Dr Ojo Ajanaku, has said Nigeria could earn $10 billion annually from cashew production, with $3 billion coming from cashew sales alone.

Ajanaku made this known during a press conference organised ahead of the 4th National Cashew Day, scheduled to hold from Jan. 22 to Jan. 24 in Abuja, with the the theme: “Unlocking the Full Potential of Nigeria’s Cashew Industry”.

He said that poor export documentation and weak repatriation of proceeds were causing major losses to the Nigerian economy.

“A substantial volume of cashew exported from Nigeria leaves the country without proper export proceeds forms, as exporters allegedly avoid bringing earnings back into the country,” he said.

He said during the last export season alone, Nigeria reportedly exported over 400,000 tonnes of cashew valued at about $700 million.

Ajanaku noted that deliberate investments in production and processing could unlock far greater potentials.

“If Nigeria produces just two million tonnes of cashew annually, which is achievable in less than five years, and sells at an average of $1,500 per tonne, the country would earn about $3 billion yearly,” he said.

He added that beyond raw cashew exports, enormous value lies in processing and by-products such as Cashew Nut Shell Fluid (CNSF) and cashew cake, which are largely wasted locally.

“In Vietnam, cashew cake alone sells for about 95 cents per kilogram, while in Nigeria processors pay to dispose of it as waste,” he noted.

Ajanaku explained that full local processing of cashew and its by-products could generate not less than $10 billion annually for Nigeria while creating thousands of jobs across the value chain.

He stressed that Nigeria has the production capacity, while countries like Vietnam possess advanced processing technology.

The NCAN President further disclosed that the association is strengthening partnerships with key government institutions, including the Ministry of Finance, the Federal Ministry of Agriculture and Food Security, NEXIM Bank, and other agencies to reposition the sector.

He added that a landmark Memorandum of Understanding has been signed between Nigeria and Vietnam to facilitate technology transfer and deepen cooperation in cashew processing.

He expressed optimism that with sustained government support and effective regulation, the cashew industry could become a major driver of economic growth, foreign exchange earnings, and industrial development in Nigeria.

“Producing states should be given priority. For example, Kogi State, which has the highest cashew production in the country, has no factory. A lot of potentials can come from Kogi State for the country,” he said.

Also speaking, NCAN National Secretary, Augustine Edieme, said strategic plans are being made to showcase Nigeria’s potentials during the 4th National Cashew Day, which he described as a key opportunity to attract bigger investments and investors into the industry.

“We are not just talking about the cashew seeds. We need to crack the fruit shell and discover the value in cashew shells. Industrialisation of the cashew industry is key to driving the Nigerian economy,” he said.

The representative of the Federation of Agricultural Commodity Associations of Nigeria (FACAN), Sunday Ojonugwa, pledged that FACAN would optimally support the cashew association to ensure the sector reaches its full potential.

Lady Usendi