FBN Holdings Plc, the holding company of First Bank Nigeria Limited, has confirmed Tunde Hassan-Odukale as its single-largest shareholder.

The company made the disclosure in response to the Nigerian Exchange Limited, which has instructed it to issue an announcement providing additional information on the shareholding status of Hassan-Odukale and his related parties, FBN Holdings.

According to FBN Holdings Plc, Hassan-Odukale holds a cumulative of 5.36 per cent of the Group, further explaining that himself and his related parties are classified into two parts of 4.16 per cent and 1.20 per cent respectively because he owned the shares directly and indirectly.

In the letter signed by the company secretary, Seye Kosoko, FBNH said, “The first part of the shareholding classification (4.16%), are shares held directly and indirectly by Mr Tunde Hassan-Odukale. The second part of the shareholding classification (1.20%), are shares ascribed to Mr. Tunde Hassan-Odukale due to his influence and having significant control.”

The bank explained that the rationale behind including the 1.05 per cent of Leadway Pensure PFA’s holdings as part of the investor’s 1.20 per cent in the second part of the classification was that Mr Tunde Hassan-Odukale has an indirect interest in Leadway Holdings Limited that holds 69 per cent equity in Leadway Pensure PFA and as such exerts significant influence and control over Leadway Pensure.

Consequently, the Company ascribed these shareholding to him, while stating the provisions of Section 88 (1) CAMA 2020 which defined a “person with significant control” as any person that directly or indirectly holding at least 5% 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 First Bank of Nigeria Limited (our largest subsidiary), was profiled as an insider and as such, had the obligation to disclose his direct and indirect shareholdings,” the letter said.

FBN Holding, therefore affirmed that the Company made requisite disclosures to the appropriate regulatory authorities, noting the list of all the substantial shareholders of the Company and their percentage shareholdings as at the date of receipt of NGX letter are as follows;

Mr Tunde Hassan-Odukale owns 26,231,887 shares of the company directly, representing 0.07 per cent, while indirectly he owns 1,897,280,212 share, a cumulative of 5.29 per cent, comprising of Leadway Assurance Company Ltd (2.11 per cent), ZPC/Leadway Assurance Prem&In Coll Acct (1.36%), Haskal Holdings Ltd (0.04%), Leadway Capital &Trust Ltd, LAC Investment Ltd, Leadway Properties & Investment Ltd, Leadway Holdings, OHO Investment and Leadway Pension PFA.

The bank therefore noted that Mr Hassan-Odukale holds a total 5.36 per cent shares while Mr Olufemi Otedola holds 1,808,551,625 shares representing 5.04 per cent, thus affirming that Mr Hassan-Odukale is the single-largest shareholder.