First Bank confirms Otedola’s shares, lists him behind Tunde Hassan-Odukale





First Bank Nigeria (FBN) Holdings Plc on Saturday confirmed the acquisition of a huge volume of shares by Nigerian business magnate, Femi Otedola.

However, his acquisition places him behind insurance magnate, Tunde Hassan-Odukale.

Gatekeepers News reports that the bank, in a statement signed on Saturday by its Secretary, Seye Kosoko, gave the breakdown of individuals and companies shares.

The development follows the bank’s earlier statement that it would inform the regulators and the public on the acquisition of substantial shareholdings in the company to clear the air on reports making rounds that Otedola has acquired major shares of the Company and might take over soon.

A breakdown of FBN shares purchase seen by Gatekeepers News revealed that Otedola is not the major shareholder of the company as reported by a section of the media (Gatekeepers news not included).


Chairman, Forte Oil and second largest shareholder in First Bank, Femi Otedola
Femi Otedola

Available information shows that Tunde Hassan-Odukale leads Femi Otedola having acquired a total of 1,923,512,099 units of shares (5.36%) from the company’s issued share capital of 35, 895,292,791.

As of October 23, 2021, Otedola and “his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791.

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the Company is now 5.07%,” the bank said in a statement.