By our reporter/ As the struggle for the control of Nigeria’s premier banking institution intensifies, FBN Holdings Plc, the holding company of First Bank of Nigeria, in a reversal of its earlier position, has acknowledged the receipt of notification that Femi Otedola, billionaire businessman, has acquired 5% stake in the company.
The fight is between the current chairman of the Bank, Mr. Tunde Hassan-Odukale, who is also the chairman of Leadway Assurance Company Limited, and Femi Otedola, billionaire, and oil magnate.
Seyi Kosoko, the company secretary, had earlier on Saturday, said FBN Holdings was not aware of Otedola’s shares in a statement to the Nigerian Exchange Limited (NGX).
“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions. FBN Holdings will always notify the appropriate agencies and authorities whenever it receives any notice significant shareholding by the shareholders and the company’s Registrars.”
“We operate in a regulated environment which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate,” the statement read.
The letter was a reaction to online reports that Otedola had acquired majority stake in the company.
The latest notice by Kosoko, says FBNH had received “a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791.
“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company
is now 5.07%”, the notice stated.
FBN Holdings had insisted it operates in a regulated environment which required notifications of significant shareholding by shareholders to the company, where shares are held in different vehicles.
The scramble for the soul of First Bank began earlier this month when First Bank Holding on October 18, 2021, informed the Registrar General of the Corporate Affairs Commission that a group led by Mr. Tunde Hassan-Odukale, its Chairman, had acquired a 5% stake in the Bank through various vehicles.
The letter to the Registrar General, written from Asabia House, FBN Holdings Head Office, said: “In line with the provisions of Section 119 (1) of the Companies and Allied Matters Act (2020), the Company received a notification on Friday, October 15 2021, from Leadway Assurance Company Limited, that Mr. Tunde Hassan-Odukale (Chairman, First Bank of Nigeria Limited) and related parties had acquired a total of 1,923512099 units of shares from the Company’s issued share capital of 35,895,292,791”.
This number of shares held by Mr. Hassan-Odukale and his group amounts to 5.36% of the Bank’s issued share capital, according to the statement.
These disclosures make Otedola the second-largest individual shareholder, while Mr. Hassan-Odukale is actually the largest individual shareholder.
According to sources familiar with the intrigue playing in the country’s premier bank, Otedola, however, is still acquiring more shares and is poised to become the chairman of the bank as the largest shareholder.
FBN shares have witnessed large volumes of trading on the NGX Exchange this month.
On October 7, for instance, a total of 573million units of the shares were traded, mainly due to an off-market trade of 473million units of the stock, or 1.33% of the total outstanding shares of 35.9billion units, at N16.00 per share, an unusual trade done at 65% premium to the market, as market sources noted.
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