Between Mr. Tunde Hassan-Odukale and Femi Otedola, who is the single largest shoulder in FBN Holdings Plc? Hassan-Odukale says he is the one, but Otedola says that is not correct; that he is the single largest shareholder in the financial behemoth.
By the calculations of the management of FBN Holdings Plc, Hassan-Odukale is the single largest shareholder in the financial group with direct holding of 26,231,887 shares and indirect holding of 1,897,280,212 shares, which come to 5.29 per cent of the total equity of the institution. But sources close to Otedola said he is crying foul, insisting that he is the single largest shareholder in the group with total holding of 1,818,551,625 (10,000,000 direct holding and 1,808,551,625 indirect holding) or 5.07 per cent of the total shares of the group.
Ordinarily, with Hassan-Odukale holding 5.29 per cent of the shares of FBN Holdings, and Otedola holding 5.07 per cent, there should be no contention as to who is the single largest shareholder between the two, because 5.29 per cent is larger than 5.07 per cent. But the contention is coming from how the total shareholding of each of them was arrived at.
In a response to a letter to it by the Nigerian Exchange to clarify the holdings of Hassan-Odukale and Otedola, the management of FBN Holdings said Hassan-Odukale’s holdings include 26,231,887 held directly by him and 1,897,280,212 he holds indirectly through Leadway Assurance Company (2.11%), ZPC/Leadway Assurance Prem & Inv Collective Account (1.36%), Haskal Holdings Limited (0.04%), Leadway Holdings (0.59), Oho Investment (0.15%) and Leadway Pensure PFA (1.05%); while Otedola’s holdings are 10,000,000 (direct) and 1,808,551,625 (indirect by Calvados Global Services Limited).
However, Otedola, sources said, is questioning the addition of the holding by Leadway Pensure PFA to the holding of Odukale. He is arguing that Hassan-Odukale cannot claim ownership of Leadway Pensure PFA. But in its explanation to the Nigerian Exchange, the management of FBN Holdings said it added the holding of Leadway Pensure PFA to Hassan-Odukale’s holdings because Hassan-Odukale has an indirect interest in Leadway Holdings Limited that holds 69% equity in Leadway Pensure PFA and as such exerts significant influence and control over Leadway Pensure. It quoted relevant sections of the Companies and Allied Matters Act (CAMA) 2020 to back its position.
While Otedola is insisting that the 1.05 per cent holding by Leadway Pensure be removed from Hassan-Odukale’s holding thereby making him the single largest shareholder in FBN Holdings Plc, sources close to him said he has continued to mop up the shares of the Holdco so that he will emerge as the clear single largest shareholder in the group even if the 1.05 per cent holding by Leadway Pensure is not removed from Hassan-Odukale’s holdings. This is evident from the heavy trading in the shares of the Holdco today. A total of 75,164,886 FBN Holdings shares valued at N894,590,525.20 were traded at the Nigerian Exchange today. However, the Holdco’s share price declined by N0.75 or 6.05 per cent.