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