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FBN Holdings confirms Odukale as single largest shareholder

By Helen Oji
28 October 2021   |   1:24 am
More are yet to unfold on the struggle to control the assets of FBN Holdings Plc, as the company yesterday confirmed Tunde Hassan-Odukale as the single-largest shareholder of the bank.

Oye Hassan-Odukale

More are yet to unfold on the struggle to control the assets of FBN Holdings Plc, as the company yesterday confirmed Tunde Hassan-Odukale as the single-largest shareholder of the bank.

This new development is contrary to insinuations that Nigeria’s business mogul, Femi Otedola and his nominee, Calvados Global Services Limited’s recent stake constituted largest single stake in the bank.

In a statement to the Nigerian Exchange Limited (NGX) signed by the Company Secretary, Seye Kosoko yesterday, the company said with 5.36 per cent equity holding, Hassan-Odukale is its largest single-holder followed by Femi Otedola with 5.07 percent stake in the Group

According to FBN Holdings, Hassan-Odukale holds a cumulative of 5.36 percent stake, while Otedola holds a total of 5.07 percent, of the Group’s issued share capital.

It further stated that both Odukale and Otedola are the only two substantial shareholders, who have more than five per cent equity interest in First Bank Holdings Plc.

“We have not received notification from any other shareholder on the attainment of five per cent shareholdings. We assure the Exchange that we will make regulatory disclosure upon receipt of such notification from any shareholder.

“In line with applicable regulations, FBN Holdings will continue to notify appropriate agencies and authorities whenever we receive any notice of significant shareholding by Shareholders and the Company’s Registrars.”

Last week, barely 24 hours after it denied any notification of possible acquisition of shares by Otedola, the management of the bank confirmed that the business mogul and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

A stockbroker and Vice Chairman of Highcap Securities, David Adonri said many things are brewing in the bank that will result in an outcome, which may be surprising to stakeholders.

He argued that with the bank’s financial crisis in 2016 to the dissolution of the board in April 2021 and now struggle over the control of assets of the company, more clarity on the happenings in the bank will unfold in due course.

“The shares of FBNH are widely held and dispersed, if nobody else or group have what Otedola has, it means he is now a single majority shareholder. All we can expect is a restoration that will make the bank regain its leadership position and if this will happen under his ownership, it is a good step in the right direction,” he said.