Billionaire business mogul, Femi Otedola, has emerged as the single largest shareholder after he acquired an additional 2.5% stake of FBNH, the parent company of First Bank of Nigeria (FBN), thereby overtaking Tunde Hassan-Odukale, the Chairman of FBNH.
The move also placed Otedola’s stake far above the controversial partitioned shares of Hassan-Odukale, whose indirect shares were partitioned into two – 4.16 percent and 1.20 percent, in what the National Pension Commission (PenCom) described as funds belonging to retirement savings account (RSA) holders.
Based on this, according to reports, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBNH.
After regulatory approvals, Otedola will now nominate more directors, having nominated two before — one into FBN and the other into the HoldCo.
In October 2021, the Nigerian Exchange Ltd (NGX) on its website confirmed Hassan-Odukale as the largest single shareholder of the company, after newspapers reports that Otedola had become the largest shareholder.
