Tunde Hassan-Odukale, Not Femi Otedola As First Bank Confirms Largest Single Shareholder

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FBN Holdings Plc, the holding company of First Bank Nigeria Limited, on Wednesday confirmed Mr. Tunde Hassan-Odukale as the single-largest shareholder.

The holding company ranked billionaire businessman Femi Peter Otedola as the second largest shareholder.

According to First Bank, Hassan-Odukale has 5.36 percent equity holding, while Femi Otedola is with a 5.07 percent stake in the Group.

In a letter addressed to the Director-General of the Nigerian Exchange Limited, FBN holdings revealed that the duo are the only individuals with substantial shares.

The group defined “substantial shareholders” to mean “shareholders with 5% and above shareholdings”.

The letter was written by Seye Kosoko, the Company Secretary, in response to the NGX’s request for clarification on the rationale for arriving at Odukale’s ownership.

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A 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 October 27.

Meanwhile, following the purchase of major shares by Femi Otedola, the share price of First Bank Holdings (FBN) Plc recorded a decline. This was due to speculators selling off after buying into the bank following the heavy activity on the stock in the course of share purchase by Otedola.

It was gathered that the share price fell by 1.20 percent to N12.40 per share from N12.55 the previous day, while volume traded also took a downward turn, declining to 73.062 million from 350.54 million on Monday, thus representing a 79.2 percent decline in activity level. Deals also slumped by 28.6 percent to 545 from 763.

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