News
Ecobank Urges FBN to Decline Otudeko’s Share Acquisition Proposal
Ecobank Urges First Bank to Reject Otudeko’s Share Acquisition Amidst Debt Controversy
Ecobank has called on First Bank Holdings to decline the acquisition of 4.7 billion shares by former Chairman, Dr. Oba Otudeko. The request comes in light of a letter from Ecobank’s Legal Counsel, Kunle Ogunba & Associates, which revealed that Otudeko’s affiliated entities owed the bank N13.5 billion.
The letter, dated July 7 and signed by Oludare Amusan, the Principal Partner of the law firm, stated that Ecobank had initiated several lawsuits against Honey Group Limited, Siloam Global Services Limited, Anchorage Leisures Limited, Honeywell Flour Mills Plc, and Dr. Oba Otudeko at the Federal High Court in Lagos. The legal actions were taken to recover the debts owed by these entities.
According to the letter obtained by The PUNCH, the legal battle between Otudeko and the bank revolves around the outstanding debts owed by the mentioned business entities. The letter emphasized that Otudeko personally guaranteed the loan that resulted in the indebtedness of these companies.
The letter stated, “Despite the Supreme Court’s affirmation of their indebtedness to our client and its order for them to pay all outstanding debts under the loan contract, which was personally guaranteed by Dr. Oba Otudeko, the said debt amounts to N13,507,052,417.99.”
The bank, through its legal representatives, alleged that instead of taking immediate steps to repay their debts as directed by the Supreme Court, Otudeko had reportedly used a company called Barbican Capital Limited as a special purpose vehicle to divert his assets and funds. The letter further revealed that Otudeko had allegedly purchased 4,770,269,843 shares of FBN Holdings Plc through Barbican Capital Limited, spread across 19 business entities and held by 10 different companies.
Based on these facts, the law firm argued that Otudeko’s actions were aimed at diverting assets belonging to him and the Honeywell Group of Companies, with the intention of frustrating the enforcement of the Supreme Court’s judgment and evading the repayment of their undisputed indebtedness to Ecobank.
The letter demanded that FBN Holdings refrain from approving or registering the shares acquired by Barbican Capital Limited, as proceeding with such actions would assist in the diversion of funds meant for debt repayment—a clear violation of the Supreme Court’s judgment that determined the outstanding indebtedness between the Honeywell Group and Ecobank.
Additionally, the letter requested detailed information about the transaction within seven days, emphasizing that as a responsible corporate entity, FBN Holdings should not take any action that encourages the violation of a Supreme Court ruling.
This appeal from Ecobank follows an earlier report that Oba Otudeko’s Honeywell Group had acquired a significant number of shares in First Bank of Nigeria Holdings Plc through a cross deal worth N87.8 billion. The acquisition raised concerns about the validity of the trades, as no single shareholder had previously owned such a large volume of First Bank shares.
The attempt by Otudeko to regain control of the bank sparked discussions among shareholders who were apprehensive about the implications of his return, especially after his previous ousting by the Central Bank in 2021.
News
‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain
By Emmanuel Kuza
A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.
Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.
According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.
“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.
He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.
“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.
The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.
Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.
“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.
He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.
“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.
Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.
He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu
News
200 widows benefit from empowerment outreach in Plateau
By Israel Adamu, Jos
Two hundred widows from communities across Langtang North Central State Constituency of Plateau State have benefited from an empowerment outreach organised by Gimbiya Gani Nandir Lar under the Jagoran Talakawa movement.
The outreach, held at Pilgani in Langtang North Local Government Area, was aimed at supporting vulnerable women and drawing attention to the challenges faced by widows, particularly those struggling to provide food, pay school fees and meet other basic needs for their families.
The organiser, Nandir Lar, who is the All Progressives Congress, APC, candidate for Langtang North Central State Constituency, said the gesture was motivated by compassion and concern for vulnerable members of the society.
She stressed that the outreach was not a political programme but an expression of love and support for humanity.
Nandir Lar said: “The plight of widows may not always make headlines, but their struggles are real, painful and deserving of our collective attention.
“This is simply an expression of compassion and love for humanity. It is not a political programme.
“Our constituency is home to people with diverse needs, including mothers, widows and young people who are seeking opportunities to improve their lives.”
Former Provost of the Federal College of Education, Pankshin, Amos Chirfat, commended the initiative, saying it had brought smiles to the faces of vulnerable women in the constituency.
Minority Leader of the Langtang North Legislative Council, Dirya Sheni, also commended Nandir Lar for supporting widows and other vulnerable members of the community.
At the end of the outreach, each of the 200 beneficiaries received a 10-kilogramme bag of corn flour, seasoning and N10,000 cash
News
SCUML, REDAN Strengthen Collaboration on Anti -Money Laundering Compliance
By Francis Wilfred
The Special Control Unit against Money Laundering (SCUML), and the Real Estate Developers Association of Nigeria (REDAN) have expressed commitment to ensure a full compliance with the Anti Money Laundering/Counter Finance on Terrorism/Counter Proliferation Financing, (AML/CFT/CPF) laws within the Nigeria’s real estate sector.
They made the resolve during a stakeholders’ engagement held on Thursday, September 10, 2026
The engagement focused on Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and stronger collaboration between SCUML and the real estate sector.
Assistant Commander of the EFCC, ACE 1 Ibinabo Amachree, speaking on behalf of SCUML highlighted the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system, particularly given the sector’s vulnerability to money laundering and other financial crime risks.
Amachree encouraged REDAN members to move beyond registration to ensure that compliance is embedded in their day-to-day operations. He mentioned the areas to include: understanding institutional risks, knowing customers and beneficial owners, identifying politically exposed persons, conducting appropriate sanctions screening, maintaining effective internal controls and meeting applicable reporting obligations
He, therefore, reaffirmed readiness to working closely with REDAN and other stakeholders to improve compliance, build capacity and promote a stronger culture of accountability across the real estate sector
“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system”, she said.
In his remarks, the Chairman of REDAN, Lagos state, Mr Tony Kolawole pledged readiness to partner with SCUML in ensuring compliance with AML/CFT/CPF in the real estate sector to uphold financial integrity.
The engagement also provided an opportunity for REDAN members to share practical regulatory and operational challenges affecting the sector, reinforcing the importance of continuous dialogue between regulators and industry stakeholders.
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