First Bank Nigeria Confirms Odukale As Single Largest Shareholder, Otedola Second

 

First Bank Nigeria has confirmed that Mr. Tunde Hassan-Odukale as its single-largest shareholder.

According to the bank, Mr. Hassan-Odukale is its single-largest shareholder with a total of 5.36 percent equity holding followed by billionaire oil magnate Femi Otedola who comes second with a 5.07 percent stake in the Group.

This information was contained in a letter written by the bank addressed to the Director-General of the Nigerian Exchange Limited.

You would recall that there has been a battle for the leadership of Nigeria’s premier and largest bank for a while now with some reports claiming Femi Otedola as the single largest share-holder.

It is not so clear as to when exactly Odukale and his related companies acquired the said shares as they were hitherto not public knowledge  contrary to the relevant statutory and regulatory requirements of disclosing  substantial shareholding of a public entity which stipulates a disclosure within seven days and 10 days of acquiring such equity interest. This is according to Sections 119 and 120 of CAMA (2020) and Rule 17.13 of the NGX Rulebook, respectively.

There may have been undue delay in the disclosure, which run ultra vires to relevant statutory and regulatory requirements of disclosing substantial shareholding in a public entity within seven days and 10 days of acquiring such equity interest,