Hassan-Odukale Largest Single FBN Holdings Shareholder –Official
The Chairman of FBN Holdings (FBNH), Mr Tunde Hassan-Odukale, has been confirmed as the largest single shareholder of the company, according to a letter published on the website of the Nigerian Exchange Ltd (NGX) on Wednesday.
The letter signed by FBNH’s Company Secretary, Mr Seye Kosoko, said Hassan-Odukale was the single-largest shareholder and not Mr Femi Otedola as initially speculated.
This new development is contrary to claims that the recent stakes of Otedola and his nominee, Calvados Global Services Limited constituted the largest single stake in the bank.
Though, in the first half financial statement submitted to the Nigerian Exchange, the financial service group had indicated it has 99.71% free float with no director holding 5% of its shares outstanding.
The letter showed that Hassan-Odukale acquired the bulk of his shareholding in FBNH this year. Hassan-Odukale 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 a cumulative 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 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 at the end of 2020.
FBNH has outstanding shares of 35,895,292,792 units valued at N418.18 billion as of October 27. Hassan-Odukale’s recent direct and indirect stake in FBN Holdings Plc shows he has been buying the shares of the holding company this year.
Through Leadway Assurance Company Ltd., Hassan-Odukale indirectly holds 755,959,459 units or 2.11 per cent. Also, through ZPC/Leadway Assurance Prem & Invent Coll Account, he owns 486,605,478 shares of FBN Holding or 1.36 per cent. #Hassan-Odukale Largest Single FBN Holdings Shareholder –Official
Read Search: Investors Asking for Repeat of ‘FBNH’ in Other Banks -Kurfi
The post Hassan-Odukale Largest Single FBN Holdings Shareholder –Official appeared first on NAIRALAW.