FBN Holdings Plc has affirmed that Mr. Tunde Hassan-Odukale holds the single largest equity stake in the group. He is followed by Mr. Femi Otedola.
In a regulatory filing on Wednesday at the Nigerian Exchange (NGX), FBN Holdings (FBNH) stated that its current shareholders’ structure show two shareholders with “material” or significant or substantial shareholdings of five per cent and above. Hassan-Odukale has a total shareholding of 5.36 per cent and Otedola, 5.07 per cent.
The regulatory filing was sequel to request for clarifications and additional information as financial services regulators scrutinise the shareholding structure of the holding group for First Bank of Nigeria (FBN) and its former subsidiaries.
In the filing by FBNH’s Company Secretary, Mr. Seye Kosoko, the group noted that it had earlier on October 18, 2021 filed appropriate notification of the shareholdings of Hassan-Odukale as a director and insider of FBN with the NGX and other relevant regulators.
The group explained that while Hassan-Odukale holds 4.16 per cent equity stake through direct and indirect shareholdings, he, as chairman of FBN, also has 1.20 per cent equity stake ascribed to him in line with extant rules on significant shareholder’s influence in related companies.
The group stated that the “cumulative equity stake” of Hassan-Odukale is the summation of all his direct, indirect and ascribed shareholdings.
Contrary to insinuations in some quarters that an oil and gas and telecommunication business mogul also holds significant shareholder in the group, FBNH stated that there was no official record of any other significant shareholders beyond Hassan-Odukale and Otedola.
Kosoko said: “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, FBNHoldings will continue to notify the appropriate agencies and authorities whenever we receive any notice of significant shareholding by shareholders and the company’s registrars.”
The group explained that the rationale behind including the 1.05 per cent of Leadway Pensure PFA’s holdings as part Hassan-Odukale’s shareholdings was because he has “an indirect interest in Leadway Holdings Limited that holds 69 per cent equity in Leadway Pensure PFA”.
According to the group, the regulatory disclosure requirements as provided in Rule 17.15(c) of the Rule Book of the NGX also mandates an “insider” to make a full disclosure of their direct and indirect holdings as well as dealings in shares, to the company for transparency.
