responded to a letter from the Nigerian Exchange Limited , seeking clarification on the claim by Tunde Hassan-Odukale, the chairman of its flagship unit FirstBank, and his related parties to a 5.36 per cent stake in the holdco, a document published by the bourse on Wednesday showed.
The parent company of Nigeria’s oldest bank has been embroiled in a tussle for top shareholder title after the incremental acquisition of shares summing up to 5.07 per cent of the group’s issued share capital by billionaire mogul and the chairman of Geregu Energy Group, Femi Otedola, broke into the open.
“Formed by a consortium of three major financial service companies, Leadway Pensure is one of the most capitalized PFA’s in Nigeria with an authorized share capital of N2.0 billion,” the About section of the website of Leadway Pensure said on Tuesday. In its reaction, FBN Holdings affirmed the 4.16 per cent interest are held directly or indirectly by Mr Hassan-Odukale, identifying the 1.20 per cent as shares ascribed to the holdco’s chair by virtue of his influence and having significant control.
“ directly or indirectly holding at least 5% of the shares or interest in a company or limited liability partnership; otherwise having the right to exercise or actually exercising significant influence or control over a company or limited liability partnership; or
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