The battle for the soul of controversy mired FBN Holdings, the holding company of First Bank of Nigeria is about to get messier in the coming days.

On one hand is billionaire businessman, Femi Otedola and on the other hand is FBN Holdings and Tunde Hassan-Odukale, the managing director of Leadway Assurance.

Days after denying that Otedola had not acquired a majority share and later making a u-turn to acknowledge that he is now the single largest shareholder after acquiring a 5% stake, FBN Holdings in a dramatic move on Wednesday October 27, suddenly announced that Hassan-Odukale is now the single-largest shareholder.

“This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter, 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 had said.

And on the evening of October 27 2021, the same FBN issued a statement signed by the company secretary, Seye Kosoko, confirming that Hassan-Odukale and Femi Otedola are the only shareholders with more than five per cent shareholding in the company, with Hassan-Odukale owning 5.36 per cent and Otedola owning 5.07 per cent.

This new development prompted the Nigerian Exchange Limited (NGX) to query FBN over it’s inconsistency and explain why it choose to classify the shareholdings of Tunde Hassan-Odukale into two parts of 4.16% and 1.20% respectively rather than as a single unit.

Kosoko in responding said it classified Hassan-Odukale’s shareholdings into two because of his significant stakes in related parties.

“We wish to reiterate and clarify for your records that the notification of the shareholdings of Mr. Tunde Hassan-Odukale as a Director of First Bank of Nigeria Limited and thus an Insider, was filed with the NGX and other relevant regulators on October 18, 2021.

“The first part of the shareholding classification (4.16%), are shares held directly and indirectly by Mr. Tunde Hassan-Odukale. The second part of the shareholding classification (1.20%), are shares ascribed to Mr. Tunde Hassan-Odukale due to his influence and having significant control.”

Further breakdown showed that Hassan-Odukale’s direct interest in the bank is 26,231,887 units while he indirectly owns 1,897,280,212 units in the financial Holding Company.

First Bank’s annual report shows that Hassan-Odukale’s direct stake in FBN Holdings was only 8,854,003 units while his indirect stake was 360,961,091 units as at the end of 2020.

And so through Leadway Assurance Company Ltd., Hassan-Odukale indirectly holds 755,959,459 units or 2.11 per cent. Also, through ZPC/Leadway Assurance Prem & Invent Coll Account, he owns 486,605,478 shares of FBN Holding or 1.36 per cent.

But it appears that FBN has an agenda to ensure that Hassan-Odukale earns the top spot by lumping his personal shares of 4.16% and 1.20% shares which he holds in trust for the public through his company, as one personal investment.

One then begins to wonder what the catch is, in ensuring Hassan-Odukale emerges against all odds, as one with controlling shares to edge out the one who rightfully earned the spot.

Ironically before FBN’s announcement as the single largest shareholder, Hassan-Odukale’s stake in FBN hovered around 3%.

What this invariably means is that the 55-year-old graduate of Mathematics in connivance with rogue elements in FBN worked their usual ‘magic’ to increase the number of shares he acquired using money placed in his trust by the public through his ZPC/Leadway Assurance Prem & Inv Coll Acct.

Not only is it wrong to use public funds for personal use, this suspicious action by both parties (FBN and Hassan-Odukale) just further proves that due diligence isn’t always adhered to in matters pertaining to the banking industry and rogue bankers will do anything to circumvent due process to entrench their selfish interest.

What is also more worrisome is the fact that pensioners who retired from the University of Ibadan are yet to receive their pension from Leadway Assurance for almost two years from a company that must have sold themselves as trusted and reliable to workers when they retire.

The issue has been a source of contention between the company, the pensioners and the university. Several appeals and even threats to get their money paid to them has not yielded anything positive largely due to Hassan-Odukale’s influence.

Yet rather than remit their money to them, he felt comfortable further impoverishing already poor pensioners by using their Contributory Pension Scheme to acquire shares in FBN just so he can be made chairman.

As at the time of filing this report, NGX is yet to make a statement on FBN’s response to its query. We watch to see and hope that the right thing gets done.