January 28, 2023

Top Society

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Otedola defeats Hassan-Odukale, become First Bank’s only above 5% shareholder

2 min read

First Bank of Nigeria Holdings (FBN) has clarified its 5% and above shareholders following the faceoff between Femi Otedola and Tunde Hassan-Odukale in the fourth quarter 2021.

Companies are mandated to list the names of shareholders who own 5% and above stake. Prior to Q4 last year, FBN had not listed any shareholder in that category until Otedola began acquiring shares in the firm in H2 of same year.

Top Society reported that First Bank later admitted in October that Hassan-Odukale holds 5.36% ownership of the firm, having added Leadway Pensure RSA Account shares, which he heads, to his stake.

While Otedola has amassed about 5.07% as of late October. The sudden 5.36% held by Hassan-Odukale threw confusion into the capital market, as FBN Holdings had not listed anyone in its 5% and above shareholders.

In an update in its 5% and above shareholders list, Top Society gathered that Otedola now holds 7.56% ownership of First Bank of Nigeria, through 0.58% direct stake and 6.98% indirect stake.

Otedola now owns N29.21 billion worth of investment in First Bank, rising from the 210,000,000 direct shares, and 2,507,282,140 indirect shares held in the financial institution.

Meanwhile, Hassan-Odukale’s stake in First Bank was stepped down to 4.31%, excluding the shares of Leadway Pensure RSA Account, which is 1.01%. The separation of both parties’ shares occured following National Pension Commission (Pencom) directive that a Pension firm’s stake held in companies don’t belong to the director or owner of the Pension firm.

Hassan-Odukale’s now owns 27,530,930 direct shares, and 1,518,758,784 indirect shares in First Bank, which is worth N16.62 billion.

This settles the leadership tussle between Otedola and Hassan-Odukale, making the former the only shareholder with 5% and above stake in First Bank of Nigeria.

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