FBN Holdings issues letter to the NGX, provides information on substantial shareholders

Written by on October 27, 2021

FBN Holdings Plc, owner of First Bank Nig. Ltd has issued a disclosure statement to the Nigerian Exchange Group (NGX), providing an update of the substantial shareholders of FBN Holdings Plc as well as answers to questions earlier asked by the NGX.

The statement is contained in a letter from FBNH to the NGX dated October 26, 2021, and is a response to a preceding letter from the Nigerian Exchange requesting the bank to provide additional information and update its list of substantial shareholders and their shareholding in the company.

FBNH was requested by the NGX to provide clarification on six grey areas, one of which is the assertion that the current Chairman of FBNH, Mr Tunde Hassan Odukale, has 4.16% and 1.20% shareholdings ascribed to him.

What FBNH’s letter to the NGX said

In the letter, FBNH provided responses to the six areas where the NGX requested clarification, namely:

  • The reason for classifying the shareholdings of Mr Tunde Hassan-Odukale and his related parties into two parts of 4.16% and 1.20% respectively;
  • The rationale behind including the 1.05% of Leadway Pensure PFA’s holdings as part of the investor’s 1.20%.
  • The meaning of “cumulative equity stake” as used in FBNH’s notification;
  • The meaning of “cumulative equity stake” as used in FBNH’s notification specifically in relation to Leadway Pensure PFA’s holdings;
  • The list of all the substantial shareholders of the Company and their percentage shareholdings; and
  • Confirmation that the shareholders and shareholdings in the list provided, further to item (5) above, adopts the same rationale and methodology as FBNH’s earlier notification dated 18th October 2021.

In response to the request for a list of all the substantial shareholders of the Company and their percentage shareholdings; FBNH provided a pictogram showing the two major shareholders to be:

  • The Chairman of FBNH, Mr Tunde Hassan Odukale with a total of 5.36% shareholding to the tune of 26,231,887 (0.07%) units of shares as direct shareholdings and 1,897,280,212 (5.29%) units of shares as indirect shareholdings; and
  • Mr Olufemi Otedola, who acquired a total of 5.07% shareholding in FBNH, represented by 10,000,000 (0.03%) units of shares as direct shareholdings and 1,818,551,625 (5.04%) units of shares as indirect shareholdings through Calvados Global Services Limited.

Mr Tunde Odukale’s indirect shareholdings were said to be held through the following entities:

  • Leadway Assurance Company Ltd
  • ZPC/Leadway Assurance Prem & Inv Coll Acct
  • Haskal Holdings Ltd
  • Leadway Capital & Trust Ltd
  • LAC Investments Ltd
  • Leadway Properties and Investments Ltd
  • Leadway Holdings (Holdco)
  • OHO Investment
  • Leadway Pensure PFA

In closing, FBNH assured the exchange that they have not received notification from any other shareholder on the attainment of 5%
shareholdings, stating that they will make regulatory disclosure upon receipt of such notification from any shareholder.

(Nairametrics)


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