FIRSTBANK CONFIRMS ODUKALE AS SINGLE-LARGEST SHAREHOLDER, RANKS OTEDOLA SECOND

FBN Holdings Plc, the holding company of First Bank Nigeria limited, has confirmed Mr. Tunde Hassan-Dukale as the single largest shareholder.

The bank said with 5.36 percent equity holding, Hassan-Dukale is its largest single-holder followed by Femi Otedola with a 5.07 percent stake in the Group.

Both Odukale and Otedola are disclosed as the only two substantial shareholders, who have more 5% equity interest in FirstBank Holdings Plc, according to a filing made available to The Nigerian Exchange (NGX)

In a letter addressed to the Director General of the Nigerian Exchange Limited, FBN Holdings notified the Bourse that Hassan-Dukale holds a cumulative of 5.36 percent of the Group, while Otedola holds a total of 5.07 percent, of the Group's issued, share capital.

While the letter may have been meant to be addressed to the Chief Executive Officer of NGX as the Exchange has since changed the designation of its leadership to Chief Executive Officer to reflect its private structure.

This suggests that there may have been more scheming behind the scene than mere disclosures of the two substantial shareholders, Odukale and Otedola, as disclosed by FBN Holdings.

There is no clarity as to the timing of the acquisition of the shares by Odukale and his related entities, especially as the disclosure of FBN Holdings in its financial statements for the period ending June 30, 2021, does not enlist Odukale as a substantial shareholder.

There may have been undue delay in the disclosure, which run ultra vires to relevant statutory and regulatory requirements of disclosing substantial shareholding in a public entity within seven days and 10 days of acquiring such equity interest, according to Sections 119 and 120 of CAMA (2020) and Rule 17.13 of the NGX Rulebook, respectively.

The letter written by Seye Kosoko, the Company Secretary, was a response to the NGX's request for clarification on the rationale for arriving at Odukale's ownership, especially as holdings by entities like Leadway Pensure were added to its "cumulative stake."