Controversy rages as NGX queries FBN Holdings over Hassan-Odukale’s shares

The Nigerian Exchange Limited (NGX) has queried FBN Holdings Plc, the holding company of First Bank of Nigeria, for classifying the shareholdings of Tunde Hassan-Odukale and his related parties into two parts of 4.16 per cent and 1.20 per cent respectively.

There has been a controversy since Femi Otedola acquired 5.07 per cent stake in the bank, making him the single largest shareholder.

In a twist, a document later surfaced on the internet attributing 5.36 per cent to Hassan-Odukale in what was thought to be boardroom politics to prevent Otedola from becoming chairman.

In response to the query through regulatory filings on Wednesday by Seye Kosoko, the company secretary, FBN Holdings said Hassan-Odukale is its largest single-holder.

Kosoko attributed Leadway Pensure PFA’s entire 2.11 per cent stake in FBN Holdings to Hassan-Odukale, although they are pension funds invested by Leadway on behalf of the public.

Also listed in Hassan-Odukale’s favour by Kosoko is 1.36 per cent of “ZPC/Leadway Assurance Prem & Inv Coll Acct” which is also insurance funds invested on behalf of the public.

FBN Holdings appears to be classifying both as Hassan-Odukale’s personal investments.

Over the weekend, FBN Holdings had notified investors that Otedola’s equity had surpassed 5 per cent.

Before then, Hassan-Odukale’s stake was put at the territory of 3 per cent.

In trying to clarify its record with the NGX regulation, FBN said it classified Hassan-Odukale’s shareholdings into two because of his significant stakes in related parties.

“The reason for classifying the shareholdings of Mr. Tunde Hassan-Odukale and his related parties into two parts of 4.16% and 1.20% respectively,” FBN Holdings said.

“We wish to reiterate and clarify for your records that the notification of the shareholdings of Mr. Tunde Hassan-Odukale as a Director of First Bank of Nigeria Limited and thus an Insider, was filed with the NGX and other relevant regulators on October 18, 2021.

“The first part of the shareholding classification (4.16%), are shares held directly and indirectly by Mr. Tunde Hassan-Odukale. The second part of the shareholding classification (1.20%), are shares ascribed to Mr. Tunde Hassan-Odukale due to his influence and having significant control.”