Wole Olanipekun & Co, Dr Oba Otudeko’s legal representatives, has asked FBN Holdings to disregard a petition filed by Ecobank’s lawyers demanding the rejection of 4.7 billion shares purchased by the entrepreneur.
In a letter issued on Wednesday, the law firm dismissed Ecobank’s claims that there was a Supreme Court judgement supporting its position that Otudeko owed it N13.5 billion.
According to the letter, no court order “awarded the same or any judgement sum (as debt owed) at all in favour of Ecobank as a liability from our clients or any of the Honeywell companies.”
On behalf of Oba Otudeko, the legal entity urged FBN Holdings to disregard and reject all of the requests contained in Ecobank’s letter.
It read in part;
The sum of N13.51bn (thirteen billion, five hundred and seven million, fifty-two thousand, four hundred and seventeen naira, ninety-nine kobo) stated in Ecobank’s letter is/was not contained in the Supreme Court decision or any extant court decision in Nigeria or elsewhere.
The letter noted that the responsibilities of a CEO of a financial institution were limited to statutory duties and did not extend to intervening in transactions between third parties on the Nigerian Exchange.
It added;
As you are aware, the duties of the chief executive officer of a financial institution are statutory and they do not extend to the various actions Ecobank’s letter requested you to perform, including but not limited to intervention in transactions between third parties on the Nigerian Exchange.
The lawyers also argued that Ecobank’s requests for disclosures of the details of the acquisition of the shares were inconsistent with established confidentiality obligations.
It urged FBN Holdings to reject the request by Ecobank for a full disclosure of the details of the deal, as there was no express court order mandating such disclosures.
Meanwhile, amid the controversy that had enmeshed Nigeria’s oldest bank, FBN Holdings shares dropped by 10 per cent on Wednesday.
According to figures published on the website of the Nigerian Exchange Limited, FBN Holdings shared dropped from N21.50 to N19.35, shedding N2.15 or 10 per cent.
The Vice Chairman of Highcap Securities Ltd, David Adonri said the drop in the bank’s share price was not unconnected with the controversy surrounding the dramatic comeback staged by the bank’s former chairman.
