First Bank’s holding company, FBN Holdings Plc, says it will sell shares recently transferred from Barbican Capital, a firm linked to businessman Oba Otudeko, through an unnamed special purpose vehicle.

Managing Director Wale Oyedeji disclosed this on Monday during an investor call in Lagos.

“We will be disposing those shares, and there are a range of options available to us,” Oyedeji said. “Ultimately, you will see that those shares will be disposed in the market,” he added, without providing a timeline.

Last month, Barbican Capital sold about 25% of FBN Holdings’ shares using an unusual structure that involved transferring the stake to RC Investment Management Ltd—a special purpose vehicle whose beneficial owners were not disclosed.

Oyedeji described RC Investment as a “temporary” holder of the shares, adding that the bank’s capital raising plans remain on course.

“Capital raising is progressing as planned and not impacted by the recent share divestment,” he said.

FBN Holdings is aiming to raise ?350 billion ($228 million) via private placements this quarter to meet the Central Bank of Nigeria’s new capital requirements. This comes after a ?147 billion rights issue completed earlier.(Business Day)