October 28, (THEWILL) – First Bank of Nigeria Holdings Plc (FBNH) on Wednesday said that Tunde Hassan-Odukale holds the single largest equity stake in the group.
In a regulatory filing on Wednesday at the Nigerian Exchange (NGX), FBNH stated that its current shareholders’ structure shows two shareholders with “material” or significant or substantial shareholdings of five per cent and above.
According to FBNH, Hassan-Odukale has a total shareholding of 5.36 percent and Otedola has 5.07 percent.
The regulatory filing was sequel to request for clarifications and additional information as financial services regulators scrutinise the shareholding structure of the holding group for First Bank of Nigeria (FBN) and its former subsidiaries.
In the filing by FBNH’s company secretary, Seye Kosoko, the group noted that it had earlier on October 18, 2021 filed appropriate notification of the shareholdings of Hassan-Odukale as a director and insider of FBN with the NGX and other relevant regulators.
The group explained that while Hassan-Odukale holds 4.16 percent equity stake through direct and indirect shareholdings, he, as chairman of FBN, also has 1.20 percent equity stake ascribed to him in line with extant rules on significant shareholder’s influence in related companies.
The group stated that the “cumulative equity stake” of Hassan-Odukale is the summation of all his direct, indirect and ascribed shareholdings.
The group explained that the rationale behind including the 1.05 percent of Leadway Pensure PFA’s holdings as part Hassan-Odukale’s shareholdings was because he has “an indirect interest in Leadway Holdings Limited that holds 69 per cent equity in Leadway Pensure PFA”.
According to the group, the regulatory disclosure requirements as provided in Rule 17.15(c) of the Rule Book of the NGX also mandates an “insider” to make a full disclosure of their direct and indirect holdings as well as dealings in shares, to the company for transparency
