Hassan-Odukale is FirstBank’s single majority shareholder

FBN-Holdings. Hassan-Odukale — FBN Holdings logo

Hassan-Odukale is followed by Otedola, the father of DJ Cuppy

By Jeph Ajobaju, Chief Copy Editor

Tunde Hassan-Odukale with 5.36 per cent stake is the single-largest shareholder in FBN Holdings (FBNH) whose largest and poster subsidiary is FirstBank, quashing speculation that the majority share is held by Femi Otedola.

Otedola has 5.04 per cent shares in FBNH which makes him the second single-largest shareholder in both the holding company and FirstBank.

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Hassan-Odukale is the Managing Director/Chief Executive Officer of Leadway Assurance Company and also a director on the board of FirstBank.

Otedola, a billionaire, owns Zenon Petroleum and Gas and other businesses across shipping, real estate, and finance. He is the father of Florence, also known as DJ Cuppy, a social media personality.

FBN Holdings confirmed the shareholding structure in its response to the request for additional information by the Nigerian Exchange Limited (NGX). The letter was signed by FBN Holdings Company Secretary, Seye Kosoko.

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FBN Holdings said Hassan-Odukale holds a cumulative of 5.36 per cent shares of the Group.

The letter explained that he and his related parties are classified into two parts of 4.16 per cent and 1.20 per cent because he owns the shares directly and indirectly.

“The first part of the shareholding classification (4.16 per cent) are shares held directly and indirectly by Mr. Tunde Hassan-Odukale.

“The second part of the shareholding classification (1.20 per cent), are shares ascribed to Mr. Tunde Hassan-Odukale due to his influence and having significant control,” FBNH said, per reporting by Tribune.

It explained that the 1.05 per cent share of Leadway Pensure PFA’s is included as part of the investor’s 1.20 per cent because Hassan-Odukale has an indirect interest in Leadway Holdings that holds 69 per cent equity in Leadway Pensure PFA and as such exerts significant influence and control over Leadway Pensure.

It cited Section 88 (1) CAMA 2020 which defines a “person with significant control” as any person who directly or indirectly holds at least 5 per cent of the shares or interest in a company or limited liability partnership.

“It was to the extent of the foregoing that we included the 1.05 per cent of Leadway Pensure PFA’s holdings as part of the indirect holding of Mr. Tunde Hassan-Odukale, for full disclosure and transparency, in line with the provisions of the extant rules and regulations.

“Also, Regulatory disclosure requirements as provided in Rule 17.15(c) of the Rule Book of the NGX 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.

“Mr. Tunde Hassan-Odukale, a Shareholder and Director of FirstBank of Nigeria Limited (our largest subsidiary), was profiled as an insider and as such, had the obligation to disclose his direct and indirect shareholdings.”

FBN Holdings affirmed that the company made requisite disclosures to the regulators and listed all its substantial shareholders and their percentage shareholdings as of the date of receipt of NGX letter are as follows:

Hassan-Odukale owns 26,231,887 shares of FBNH directly (0.07 per cent), indirectly owns 1,897,280,212 shares (total 5.29 per cent), comprising