Justice Ayokunle Faji of the Federal High Court, Lagos, has adjourned further proceedings in the suit filed by an investment firm, Barbican Capital Limited against First Bank of Nigeria Holdings Plc (FBN Holdings), due to the dispute that arose over its 5, 386, 397, 202 billion shares.

The plaintiff/applicant had dragged FBN Holdings to court in a suit marked FHC/L/CS/1172/24, claiming that over the years, it had cumulatively acquired about 5, 386, 397, 202 billion of its shares, representing 15.1 per cent of FBN Holdings’ overall shares listed on the Nigerian Stock Exchange.

Barbican’s lawsuit is being challenged by Ecobank Limited which contended that the funds used by Barbican Capital to purchase the shares were allegedly diverted from the sale of Honeywell Flour Mills shares to Flour Mills of Nigeria Plc.

Ecobank, through its lawyer, Mr. Adekunle Ogunba (SAN), had told the court that the move by the Honeywell companies and their chairman, Dr. Oba Otudeko, was aimed to evade payment of debts owed to Ecobank, despite a Supreme Court ruling in favour of the bank. 

Ecobank has filed application for joinder in the suit and also an application for the judge to recuse himself from the matter, having earlier held that the Honeywell companies were not indebted to the bank. The decision has been overturned by both the Court of Appeal and Supreme Court.

At the resumed hearing of the matter, Barbican Capital Limited was represented by Mr. Olanipekun (SAN); Mr. Babajide Koku SAN, leading M. Ipaye, appeared for FBN Holdings; Mr. Hakeem Afolabi (SAN) appeared for the Third Party (Central Bank of Nigeria), while Ogunba led A. O. Divine and O. T. Ogunba for Ecobank Limited, an objector to the suit and party seeking to be joined.

Addressing the court, Olanipekun contended that a Notice of Discontinuance has been filed by the Plaintiff and that the Plaintiff intends to explore amicable resolution of the dispute. He then urged the court to allow the notice of discontinuance.

Responding, Koku told the court that he had just been served with the notice in court, and asked for a short adjournment to enable him consult his client on the matter.

On his part, CBN Lead Counsel Afolabi did not oppose the plaintiff’s notice of discontinuance.

However, Ogunba, while expressing surprise about the notice, said he was taken aback by the plaintiff’s notice of discontinuance, as he was not served with the notice. He also told the court that his client still has two pending applications before the court.

While not opposed to the adjournment sought by FBN Holdings, Ogunba stated that as a party in the suit, his client ought to be carried along by the other parties.

By the agreement of all the counsel, NEWSDISH reports that Justice Faji adjourned the matter to November 20, 2024, for further proceedings.

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