By Leshi Adebayo
The controversy surrounding the ownership of the controlling shares of First Bank of Nigeria Holdings takes another turn as the company declares its chairman, Mr Tunde Hassan-Odukale as the major shareholder.
BlackBox Nigeria had reported that FBN Holdings affirmed that billionaire businessman, Femi Otedola was the majority stakeholder in the company.
This came after its management initially denied the claim saying they have not been contacted or information by the alleged majority stakeholder.
In a new development, the holding company of First Bank of Nigeria Limited informed the Nigerian Exchange Limited on Wednesday that FBN Limited Chairman, Mr Tunde Hassan-Odukale, has the largest shareholding in the company.
The FBNH confirmed this to the NGX in a letter sent to the latter on Tuesday.
The letter was in response to the demand made by the NGX in writing on the same day, and it confirmed Hassan-Odukale and Otedola as the only shareholders with more than five per cent shareholding in the company.
According to the statement, signed by the company secretary, Seye Kosoko, Mr Hassan-Odukale has a controlling share in the company with a 5.36% shareholding while Otedola owns 5.07%.
The PUNCH reported that the NGX requested the company to issue an announcement on its reason for classifying the indirect shareholdings of Hassan-Odukale into two parts of 4.16% and 1.2%.
The NGX also demanded that FBNH clarify its reasons for adding 1.05% of Leadway Pensure PFA’s holdings as part of Hassan-Odukale’s 1.2% indirect shareholdings in the company.
Replying to this via the statement, 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.”
According to This Day, it was revealed that Hassan-Odukale currently has 26,231,887 total direct holdings in FBN Holdings (0.07 per cent) and 1,897,280,212 or (5.36 per cent).
This makes it a total of 1,923,512,099 or 5.36% in FBN Holdings, both indirect and direct holdings by Hassan-Odukale.
Otedola, on the other hand, has 1,818,551,625 or 5.07per cent total shareholding (Direct and Indirect) in the FBNH holdings.
