Mystery Buyer of First Bank Stake Spurs Query From Nigeria’s SEC

A week after tycoons Foluke Oyeleye and Ayoola Otudeko sold their stake in the owner of Nigeria’s oldest bank the identity of the new investor is still under wraps, spurring queries by the market regulator and investors.

Barbican Capital Ltd., managed by Oyeleye and Otudeko, and other investors sold about 25% of First HoldCo Plc, the parent of First Bank of Nigeria Ltd., on July 16, according to data provided by Nigeria’s Securities and Exchange Commission.