FBN Holdings places Otedola second behind single largest shareholder Hassan-Odukale

Femi Otedola

FBN Holdings Plc on Wednesday confirmed that the chairman of FirstBank Bank Tunde Hassan-Odukale is the single largest shareholder in the company.

This followed claims that Femi Otedola became the single largest shareholder after recently purchasing more than five per cent equity stakes in the company.

The company secretary Seye Kosoko in a statement confirmed that Messrs Hassan-Odukale and Otedola are the only shareholders with more than five per cent shareholding in the company.

The statement, however, said that Hassan-Odukale owns 5.36 per cent while Otedola owns 5.07 per cent.

The holding company of First Bank of Nigeria Limited also informed the Nigerian Exchange Limited (NGX) of the development.

The NGX had requested the company to issue an announcement on why it classified the indirect shareholdings of Hassan-Odukale into two parts of 4.16 per cent and 1.2 per cent.

The exchange also demanded that FBNH clarify its reasons for including 1.05 per cent of Leadway Pensure PFA’s holdings as part of Hassan-Odukale’s 1.2 per cent indirect shareholdings in the company.

The company said, “The first 4.216 per cent are shares held directly and indirectly by Mr Tunde Hassan-Odukale. The second 1.2 per cent are shares ascribed to Mr Tunde Hassan-Odukale due to his influence and having significant control.

“Mr Tunde Hassan-Odukale has an indirect interest in Leadway Holdings Limited that holds 69 per cent equity in Leadway Pensure PFA and as such exerts significant influence and control over Leadway Pensure. Consequently, the company ascribed these shareholdings to him.”

FBNH listed provisions in the Companies and Allied Matters Act and the Investment and Securities Act to justify its actions.