BREAKING: First Bank Upsets Femi Otedola

The largest shareholder of the first Bank of Nigeria has been finally revealed.

The Chairman of FBN Holdings (FBNH), Mr Tunde Hassan-Odukale has been confirmed as the largest single shareholder of the company, upsetting Femi Otedola, who reports had claimed he has taken over the company.

This was disclosed in a letter published on the website of the Nigerian Exchange Ltd (NGX) and obtained by DAILY GIST on Thursday.

The letter signed by FBNH’s Company Secretary, Mr Seye Kosoko, said Hassan-Odukale is the single-largest shareholder and not Mr Femi Otedola.

This new 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.

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

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.

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, while Otedola holds a total of 5.07 per cent, of the Group’s issued share capital.

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 Oct. 27.