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CBN, FBN Holdings Implore Court to Dismiss Barbican Capital’s Suit

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The Central Bank of Nigeria (CBN) and FBN Holdings Plc have asked a Federal High Court in Lagos to dismiss a lawsuit brought by investment firm Barbican Capital Ltd.

The suit pertains an alleged alteration of 5.39 billion units of shares in FBN Holdings, a significant stake in one of Nigeria’s leading financial institutions.

Barbican Capital, an affiliate of Honeywell Group Limited, claims that over the years, it has cumulatively acquired 15.1% of FBN Holdings’ shares.

These acquisitions, the firm asserts, were properly recorded by FBN Holdings’ appointed registrars, Meristem Registrar and Probate Service Ltd, and acknowledged by the Central Securities Clearing System (CSCS). However, the legitimacy of this shareholding is now under scrutiny.

In court filings, FBN Holdings, represented by Senior Advocate of Nigeria (SAN) Babajide Koku, argues that Barbican Capital deliberately concealed an ongoing verification exercise by the CBN.

According to the bank, the lawsuit is an attempt to bypass regulatory scrutiny. 

The primary purpose of instituting this suit was to circumvent the verification exercise and the decision taken by the CBN against Barbican Capital Limited,” FBN Holdings stated.

“Rather than regularize 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. They added

Nigerian banking regulations require any acquisition of a 5% or greater stake in a financial holding company to receive prior approval from the CBN.

FBN Holdings informed the CBN in July 2023 that Barbican Capital had acquired a 13.3% shareholding in the bank, triggering a verification process by the regulator.

CBN requested Barbican Capital to provide documentation to validate its shareholding. However, the firm ‘could only’ produce evidence for 3.11 billion shares, representing 8.67% of FBN Holdings’ total shares, leaving 2.34 billion shares unverified.

In January 2024, the CBN notified FBN Holdings that it could not verify the full extent of Barbican Capital’s claimed shares due to insufficient documentation.

As a result, the bank revised Barbican Capital’s shareholding in its financial statements to reflect only the verified portion, in compliance with regulatory requirements.

Details of the second quarter 2023 financial statement of FBN Holdings reveal Barbican holds 8.67% of the company while Femi Otedola holds 11.87% directly and indirectly, thus the majority shareholder. The shareholding is verified by the CBN.

 

 

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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