The Central Bank of Nigeria (CBN) and FBN Holdings Plc are asking a Federal High Court in Lagos to dismiss a lawsuit filed by Barbican Capital Ltd.
The lawsuit claims Barbican Capital, part of Honeywell Group, has had its shares altered. Barbican says it holds about 5.39 billion shares, or 15.1% of FBN Holdings, but the bank disputes this.
FBN Holdings argues that Barbican Capital’s suit aims to bypass a CBN verification process regarding the shareholding.
The bank claims Barbican only notified them of holding 4.77 billion shares, or 13.3%, and not the alleged 5.39 billion.
According to CBN rules, any significant share purchases in financial holding companies must be approved by the CBN.
FBN Holdings had notified the CBN about Barbican’s shares, seeking approval, and is now waiting for further verification from the CBN.