FBN Holdings Plc on Wednesday confirmed that the Chairman of First Bank Nigeria Limited, Mr. Tunde Hassan-Odukale has the highest stakes in the company, with 5.36 percent shares.
It added that the Chairman of Geregu Power Plc, Mr. Olufemi Otedola, owns 5.07 percent of the company’s shares.
FBN Holdings disclosed this in response to an inquiry by the Nigerian Exchange Limited (NGX).
The NGX had written to the financial institution on the need to clarify its shareholding structure, asking for the reason for classifying the shareholdings of Hassan-Odukale and his related parties into two parts of 4.16 percent and 1.20 percent, respectively.
The Head, Listings Regulation Department, NGX, Mr. Godstime Iwenekhai, in the letter also requested the lender to explain the rationale behind including the 1.05 percent of Leadway Pensure PFA’s holdings as part of the subsidiary chairman’s 1.20 percent in the second part of classification.
The exchange wanted to know the meaning of “cumulative equity stake” as used in notification and meaning of “cumulative equity stake” as used in notification specifically in relation to Leadway Pensure PFA’s holdings.
Also, the stock exchange sought to know the list of all the substantial shareholders of the company and percentage shareholdings; to confirm the shareholders and their shareholdings.
In response, FBN Holdings, in a letter signed by its Company Secretary, Mr. Seye Kosoko, clarified that Hassan-Odukale presently has 26,231,887 total direct holdings in FBN Holdings (0.07 percent) and 1,897,280,212 or (5.36 percent) and total indirect holdings.
It added that Otedola has 1,818,551,625 or 5.07per cent total shareholding (Direct and Indirect) in the financial institution.
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FBNH said, “In line with applicable regulations, FBN Holdings will continue to notify the appropriate agencies and authorities whenever we receive any notice of significant shareholding by shareholders and the Company’s Registrars.”
“The reason for classifying the shareholdings of Hassan-Odukale and his related parties into two parts of 4.16 per cent and 1.20 percent, respectively.
“The first part of the shareholding classification (4.16 per cent), are shares held directly and indirectly by Hassan-Odukale.
“The second part of the shareholding classification (1.20per cent), are shares ascribed to Mr. Tunde Hassan-Odukale due to his influence and having significant control.”
Explaining further, FBN Holdings stated, “Tunde Hassan-Odukale has an indirect interest in Leadway Holdings Limited that holds 69 percent equity in Leadway Pensure PFA and as such exerts significant influence and control over Leadway Pensure. Consequently, the company ascribed these shareholdings to him.”
It stated, “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 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.
“Hassan Odukale, a shareholder and Director of First Bank of Nigeria Limited, was profiled as an insider and as such, had the obligation to disclose his direct and indirect shareholdings.”
“The use of “cumulative equity stake’ in our notification is the summation of all the direct, indirect and ascribed holdings of Hassan-Odukale.”
