It’s OFFICIAL! Tunde Hassan-Odukale is FBNH largest shareholder, not Femi Otedola
Latest official information released by the board of First Bank of Nigeria Holdings (FBNH) has clarified the lingering leadership tussle of the financial institution between two of its majority shareholders – Tunde Hassan-Odukale and Femi Peters Otedola.
In response to some six questions asked by the Nigerian Exchange Limited (NGX) on the matter, FBN Holdings has declared Mr. Tunde Hassan-Odukale, a Director of First Bank of Nigeria Limited as FBN Holdings Plc’s largest shareholder and not billionaire Femi Otedola.
In the official repsonse signed by Seye Kosoko, FBNH’s company secretary and filed at the bourse for stakeholders’ attention, Mr. Tunde Hassan-Odukale controls 5.36. per cent of the institution’s shareholding.
Specifically, he directly holds 26,231,887 shares or 0.07 per cent while his indirect holdings stood at 1,897,280,212 shares or 5.29 perc ent of FBN Holdings’ total issued shares.
In details, Mr. Tunde Hassan-Odukale indirect holdings show that the director holds 755,959,459 or 2.11 per cent shares through Leadway Assurance Company Ltd.
He acquired another 486,605,478 shares or 1.36 per cent via ZPC/Leadway Assurance Prem & Inv Coll Acct. He bought 0.04 per cent or 13,229,148 shares through Haskal Holdings Ltd and then, another 1,004,528 shares through Leadway Capital & Trust Ltd.
FBNH also confirmed that he purchased 112,552 shares through LAC Investments Ltd; 112,237 through Leadway Properties & Investment Ltd; 211,290,798 or 0.59 per cent via Leadway Holdings (Holdco); 53,771,413 or 0.15 per cent through OHO Investment and finally acquired 375,194,599 or 1.05 per cent through Leadway Pensure PFA.
Therefore, Mr. Tunde Hassan-Odukale direct and indirect holdings in FBN Holdings Plc stood at 26,231,887 or 0.07 per cent and 1,897,280,212 or 5.29 per cent, respectively. In totality (Direct and Indirect), he holds 1,923,512,099 or 5.36 per cent shares in FBN Holdings.
Comparatively, this is more than the 10,000,000 or 0.03 per cent shares directly owned by Mr. Olufemi Peter Otedola and another 1,808,551,625 or 5.04 per cent he acquired via Calvados Global Services Limited.
Based on the official document of 5 pages seen by Business Metrics, Mr. Otedola’s aggregate stake in FBN Holdings stand at 1,818,551,625 or 5.07 per cent. Making him the second-largest shareholder in the company.
For days, speculations have been rife that Billionaire businessman, Femi Otedola has become majority shareholder of FBN Holdings having bought 1.82 billion units of the Holdco’s shares to now maintain 5.07 per cent equity stake in the bank.
Amidst the speculation, the company’s share recorded marginal decline yesterday after speculators who bought into the bank following the heavy activity on the stock in the course of share purchase by Femi Otedola sold off.
The share price fell by 1.20 per cent to N12.40 per share from N12.55 the previous day, while volume traded also took a downward turn, declining to 73.062 million from 350.54 million on Monday, thus representing a 79.2 per cent decline in activity level.
The decline in share price continued today despite the official clarification made by the company. At the close market on Wednesday, it shed N0.75 to close at N11.65 per share while investors traded 75,458,656 share units valued at N898,012,945.70 in 635 transactions.
