Otedola stands below Hassan-Odukale as FBN Holdings’ single largest shareholder

Otedola stands below Hassan-Odukale as FBN Holdings’ single largest shareholder

Billionaire magnate Femi Otedola is still some way off being recognized as the largest single shareholder of FBN Holdings, despite recently investing in the business.

1st News reports that the status currently belongs to the Chairman, FBN Holdings (FBNH), Mr. Tunde Hassan-Odukale.

This was confirmed in a letter published on the website of the Nigerian Exchange Ltd (NGX) on Wednesday, October 27, 2021. The letter signed by FBNH’s Company Secretary, Mr. Seye Kosoko, said Hassan-Odukale was the single-largest shareholder and not Mr Femi Otedola. The 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.

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

ALSO READ: Otedola: FBN Holdings confirms billionaire’s acquisition of 5.07% equity stake

Otedola

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. On the other hand, Otedola holds a total of 5.07 per cent, of the Group’s issued share capital. A 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. FBNH has outstanding shares of 35,895,292,792 units valued at N418.18 billion as at Wednesday, October 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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