Hassan-Odukale outguns Otedola, buys FBNH’s single-largest stake - Punch Newspapers

FBN Holdings Plc has finally put paid to the controversy that emerged over the ownership of the largest equity stake in the company after the announcement of the acquisition of a substantial shareholding by Mr Femi Otedola, a billionaire businessman.

According to a statement, signed by the company secretary, Seye Kosoko, Hassan-Odukale has a controlling share in the company with a 5.36 per cent shareholding while Otedola owns 5.07 per cent. The company said, “The first 4.216 per cent are shares held directly and indirectly by Mr Tunde Hassan-Odukale. The second 1.2 per cent are shares ascribed to Mr Tunde Hassan-Odukale due to his influence and having significant control.

The share price of the company fell by 6.05 per cent to N11.65 on Wednesday from N12.4 on Tuesday, wiping off N26.92bn from its market capitalisation. Market activities were bearish as the total volume of shares exchanged on the floor of the NGX declined by 19.43 per cent to 284.60 million units valued at N3.2bn in 5,036 deals from 353.23 million shares valued at N5.57bn traded in 5,322 deals the previous day.

This is a highly strategic financial coup Otedola never saw coming🤯

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