Hassan-Odukale, Otedola, In Race To Own Single Largest FBN Shares

The Chairman of FBN Holdings (FBNH), Mr Tunde Hassan-Odukale, has been confirmed as the largest single shareholder of the company with Mr Femi Otedola coming in as the next highest shareholder.

The News Agency of Nigeria (NAN) reports that this was stated in a letter published on the website of the Nigerian Exchange Ltd (NGX) on Wednesday.

The letter signed by FBNH’s Company Secretary, Mr Seye Kosoko, said Hassan-Odukale was the single-largest shareholder and not Mr Femi Otedola.

This new development is contrary to claims that the recent stakes of Otedola and his nominee, Calvados Global Services Ltd. constituted the largest single stake in the bank.

An analysis of the letter showed that Hassan-Odukale acquired the bulk of his shareholding in FBNH this year.

Hassan-Odukale’s shareholding stands at 5.36 per cent ahead of Otedola who owns 5.07 per cent.

The filing to the NGX stated that Hassan-Odukale and Otedola were the only two substantial shareholders with over five per cent equity interest in the company.

In a letter addressed to the Director-General of the NGX, FBN Holdings notified the bourse that Hassan-Odukale held cumulative of 5.36 per cent stake of the Group, while Otedola holds a total of 5.07 per cent, of the Group’s issued share capital.

Further breakdown of the data shows that Hassan-Odukale’s direct interest in the bank is 26,231,887 units while he indirectly owns 1,897,280,212 units in the financial Holding Company.

First Bank’s annual report shows that Hassan-Odukale’s direct stake in FBN Holdings was only 8,854,003 units while his indirect stake was 360,961,091 units as at the end of 2020.

NAN reports that FBNH has outstanding shares of 35,895,292,792 units valued at N418.18 billion as at Oct. 27.

Hassan-Odukale’s recent direct and indirect stake in FBN Holdings Plc shows he has been buying the shares of the holding company this year.

Through Leadway Assurance Company Ltd., Hassan-Odukale indirectly holds 755,959,459 units or 2.11 per cent.

Also, through ZPC/Leadway Assurance Prem & Invent Coll Account, he owns 486,605,478 shares of FBN Holding or 1.36 per cent.

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