By his acquisition of 1,818,551,625 units of shares of First Bank Holdings Plc (FBNH), amounting to a 5.07 per cent of its total issued capital, the founder and Chairman of the Geregu Energy Group, Mr. Femi Otedola, has joined the trio of the Chairman of Globacom, Chief Mike Adenuga; the current Chairman of FBNH, Mr. Tunde Hassan-Odukale, and Oba Otudeko in the race for the control of the holding company, INTEL REGION reports.
FBNH has a total issued share capital of 35,895,292,791.
According to market analysis, Otedola, Adenuga, the Hassan-Odukales and Otudeko’s shareholding are above five per cent and this has placed them in a position to control the organisation.
A capital market source disclosed that contrary to the insinuations that Otudeko has offloaded his shares, he is still a force to reckon with because he is still retaining his shares in First Bank.
The source privy further disclosed that Otudeko’s loan is performing, adding that he is ready to take some risk.
As at March this year, Otudeko was said to be holding a total indirect stake in excess of 532 million in First Bank, coupled with a direct stake of about six million units, bringing his total stakes to about 538 million units of the issued ordinary shares of the bank.
Adenuga on the other hand is said to have been buying more shares and his shareholding is said to be between five and seven per cent.
On the other hand, Hassan-Odukale, and related parties had acquired a total of 1,923,512,099 units of shares, representing 5.36 per cent of the company’s issued share capital.
These companies include: Leadway Assurance Company Ltd, ZPC/Leadway Assurance Prem & Investment Coll Acct, Haskai Holdings Ltd, Leadway Capital & Trust Ltd and LAC Investments Ltd.
Others are Leadway Properties &Investment Ltd, Leadway Holdings, OHO Investment/Oye Hassan-Odukale and Leadway Pensure PFA.
