Big win for Femi Otedola as PenCom faults First Bank on Hassan-Odukale shares
First Bank had in a statement signed by Company Secretary Seye Kosoko ascribed to Tunde Hassan-Odukale as the single majority shareholder with 5.36% while Femi Otedola owns 5.07%.
In a new twist, the National Pension Commission (PenCom) has faulted an earlier statement from the management of First Bank Holdings on who is the majority shareholder.
However, the manner Hassan-Odukale acquired his shares has been in contention given his firm is a pension fund.
PENCOM clarification means Hassan-Odukale will no longer be the chairman of one of Nigeria’s oldest financial institutions.
In a statement issued on Friday, PenCom explained the funds invested by Leadway Pensure Limited in the shares of FBN Holdings Plc belong to Retirement Savings Account holders and not a third party.
Through Leadway Pensure, Hassan-Odukale has acquired a 1.05 percent stake in First Bank holdings to become the biggest shareholder with 5.36 percent, while Femi Otedola owns 5.07 percent.
“The equity investments in FBN Holdings made by Leadway Pensure Ltd on behalf of the pension funds under its management are in the name of the pension fund and belong to the RSA holders,” Therefore, the equity investments in FBN Holdings Plc as stated in (1) above, cannot be appropriated or classified as shareholdings of any related party to the PFA.”
Because of the pension regulator’s stance, if Hassan Odukale’s lead way Pensure holding is removed, he will be left with 4.31 percent, allowing Femi Otedola to become the bank’s majority shareholder.