First Bank of Nigeria Holdings( FBN) has clarified its 5 and above shareholders following the sweepstakes between Femi Otedola and Tunde Hassan- Odukale in the fourth quarter 2021.
Companies are commanded to list the names of shareholders who enjoy 5 and above stake. Prior to Q4 last time, FBN hadn't listed any shareholder in that order until Otedola began acquiring shares in the establishment in H2 of same time.
According to Ripples Nigeria. First Bank latterly admitted in October that Hassan- Odukale holds 5.36 power of the establishment, 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 unforeseen 5.36 held by Hassan- Odukale threw confusion into the capital request, as FBN Effects hadn't listed anyone in its 5 and above shareholders.
In an update in its 5 and above shareholders list, Ripples Nigeria gathered that Otedola now holds7.56 power of First Bank of Nigeria, through0.58 direct stake and6.98 indirect stake.
Otedola now owns N29.21 billion worth of investment in First Bank, rising from the direct shares, and 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 is1.01. The separation of both parties ’ shares occured following National Pension Commission( Pencom) directive that a Pension establishment’s stake held in companies do n’t belong to the director or proprietor of the Pension establishment.
Hassan- Odukale’s now owns direct shares, and indirect shares in First Bank, which is worth N16.62 billion.
This settles the leadership hassle 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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