FBN Holdings confirms Hassan-Odukale, not Otedola, as single largest shareholder
FBN Holdings Plc, has disclosed that Mr. Tunde Hassan-Odukale is now the single-largest shareholder of the company, and not Mr Femi Otedola.
The holding company of First Bank Nigeria Limited ranked billionaire businessman Mr. Otedola, as the second single largest shareholder.
According to First Bank, Hassan-Odukale has 5.36 percent equity holding, while Femi Otedola is with a 5.07 percent stake in the Group.
In a letter addressed to the Director-General of the Nigerian Exchange Limited, FBN holdings revealed that the duo is the only individuals with substantial shares.
The group defined “substantial shareholders” to mean “shareholders with 5% and above shareholdings”.
The letter was written by Seye Kosoko, the Company Secretary, in response to the NGX’s request for clarification on the rationale for arriving at Odukale’s ownership.
A 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 at the end of 2020.
FBNH has outstanding shares of 35,895,292,792 units valued at N418.18 billion as of October 27.
