Hassan-Odukale is FBN largest shareholder – FBN Holding

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By Favour Nnabugwu




First Bank Nigeria, FBN Holdings Plc, has explained to the Nigerian Exchange Limited, NGX how Tunde Hassan-Odukale is classified as the highest single shareholder of the bank through his related parties holding of 4.16 percent and 1.20 percent of shares respectively.

This is coming after a controversy on who becomes the highest single shareholder of First Bank Nigeria since Femi Otedola acquired 5.07 percent stake in the bank.

However, there has been speculation attributing 5.36 percent to Hassan-Odukale in what some people thought its a boardroom politics to prevent Otedola from becoming chairman.

In response to this speculation, Seye Kosoko, the company secretary, FBN Holdings said Hassan-Odukale is its largest single-holder.

Kosoko attributed Leadway Pensure PFA’s entire 2.11percebt stake in FBN Holdings to Hassan-Odukale, although they are pension funds invested by Leadway on behalf of the public.

Also listed in Hassan-Odukale’s favour by Kosoko is 1.36percent of “ZPC/Leadway Assurance Prem & Inv Coll Acct” which is also insurance funds invested on behalf of the public.

FBN Holdings appears to be classifying both as Hassan-Odukale’s personal investments.
Over the weekend, FBN Holdings had notified investors that Otedola’s equity had surpassed 5 percent

Before then, Hassan-Odukale’s stake was put at the territory of 3 percent

In trying to clarify its record with the NGX regulation, FBN said it classified Hassan-Odukale’s shareholdings into two because of his significant stakes in related parties.

“The reason for classifying the shareholdings of Mr. Tunde Hassan-Odukale and his related parties into two parts of 4.16percent and 1.20 percent respectively,” FBN Holdings said.

“We wish to reiterate and clarify for your records that the notification of the shareholdings of Mr. Tunde Hassan-Odukale as a Director of First Bank of Nigeria Limited and thus an Insider, was filed with the NGX and other relevant regulators on October 18, 2021.

“The first part of the shareholding classification (4.16percent), are shares held directly and indirectly by Mr. Tunde Hassan-Odukale. The second part of the shareholding classification (1.20 percent), are shares ascribed to Mr. Tunde Hassan-Odukale due to his influence and having significant control.”

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