FBN Holdings Plc, the holding company of First Bank Nigeria Limited, has confirmed Mr. Tunde Hassan-Odukale as the single-largest shareholder.
The bank said with 5.36% equity holding, Hassan-Odukale is its largest single-holder followed by Femi Otedola with a 5.07% stake in the group.
Both Odukale and Otedola are disclosed as the only two substantial shareholders, who have more 5% equity interest in First Bank Holdings Plc, according to a filing made available to The Nigerian Exchange (NGX).
In a letter addressed to the Director-General of the Nigerian Exchange Limited, FBN Holdings notified the Bourse that Hassan-Odukale holds a cumulative of 5.36% of the group, while Otedola holds a total of 5.07% of the group’s issued share capital.
While the letter may have been meant to be addressed to the Chief Executive Officer of NGX, as the Exchange has since changed the designation of its leadership to Chief Executive Officer to reflect its private structure.
This suggests that there may have been more scheming behind the scene than mere disclosures of the two substantial shareholders, Odukale and Otedola, as disclosed by FBN Holdings.
There is no clarity as to the timing of the acquisition of the shares by Odukale and his related entities, especially as the disclosure of FBN Holdings in its financial statements for the period ending June 30, 2021, does not enlist Odukale as a substantial shareholder.