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Meet The Dominant Shareholders Controlling 23% of First Bank

July 27, 2023
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Meet The Dominant Shareholders Controlling 23% of First Bank

In recent times, the matter of ownership concerning First Bank of Nigeria has dominated discussions in the financial sector, particularly fuelled by a controversial massive share acquisition made by a former chairman.

Established 129 years ago, the bank has grown to become one of Nigeria’s most successful financial institutions, boasting a wide array of subsidiaries worldwide, and its parent company, FBN Holdings, has seen its total assets surge to N14.177 trillion.

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As the dust settles on the contentious share acquisition, it becomes essential to shed light on the major investors in the bank and the stakes they hold in this iconic institution.

One prominent figure that stands out in the unfolding ownership drama is Oba Otudeko, the Chairman of Honeywell Group. Through the acquisition of a substantial 13.3% stake, Otudeko emerged as the majority shareholder after securing a whopping 4.7 billion shares valued at approximately N87.8 billion.

Notably, Oba Otudeko’s history in the banking sector includes his previous role as Chairman of FBN Holdings, lending further significance to his recent share acquisition. However, the controversy arises as Ecobank Nigeria alleges that Otudeko, through his affiliated entities, owes them an amount totaling N13.5 billion.

Another influential shareholder in the bank is Femi Otedola, who garnered significant attention when he conducted an audit of the bank’s accounts for the fiscal year ending in December 2021.

The audit revealed that Otedola possessed 2,717,282,140 shares, constituting a 7.57% ownership stake, making him the largest individual shareholder with over 5% ownership.

Yet, a prolonged boardroom dispute over the ownership of major shares led to confusion and a series of press releases by the bank. Eventually, Otedola and his affiliated entities decided to sell approximately 834,939,764 shares, reducing his shareholding to approximately 5.57%.

Tunde Hassan Odukale is yet another significant shareholder with a combined direct and indirect ownership stake of 4.40%. Hassan-Odukale’s association with First Bank of Nigeria Limited dates back to 2011 when he joined as a Non-Executive Director.

Currently serving as the Chairman of the bank, he also holds the position of Managing Director at Leadway Assurance Company Limited, leveraging over 22 years of executive management expertise encompassing asset management, finance, IT, and life insurance operations.

In related news, First Bank Holding Plc, the parent company of First Bank, announced the potential appointment of Femi Otedola as a non-Executive Director, pending the approval of shareholders during the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.

The AGM will also address resolutions, including the Director’s fees for the financial year ending December 31, 2023, with a proposed increase to N50 million per Director and an additional N63.7 million for the Board Chairman’s compensation.

The evolving ownership dynamics of First Bank of Nigeria remain a subject of intense interest and scrutiny in the financial industry. As shareholders gather to vote on crucial matters during the upcoming AGM, the fate of the bank’s leadership and ownership structure hangs in the balance.

It is only through transparency, accountability, and adherence to regulatory standards that the bank can navigate these controversies and continue its legacy as one of Nigeria’s most prominent financial institutions.

Somto Bisina
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Somto Bisina

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