Meet Oyekanmi Hassan-Odukale and Tunde Hassan-Odukale, the Two Brothers That Emerged Chairmen Of First Bank

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Oyekanmi Hassan-Odukale and Tunde Hassan-Odukale,

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Following the Central Bank of Nigeria’s management shake-up at First Bank of Nigeria, two brothers, and , have been named Chairmen of the bank’s UK subsidiary and parent company in Nigeria, respectively.

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According to reports, both brothers are sons of Sir Olusola , the founder of Leadway Assurance.

In 1970, their father founded Leadway Assurance to increase local participation in an industry dominated by foreign companies.

He served on the boards of several blue-chip companies and was the Chairman of Leadway from 1993 until his death in 1999.

After taking over from his late father, led the company’s management for three decades.

After his brother stepped down, Tunde took over as the new Managing Director, effective January 1, 2020.

According to First Bank, Oyekanmi is the current Chairman of FBN Bank Ltd (UK), a wholly owned subsidiary of First Bank in London.

He also serves on the boards of several blue-chip companies, including Adswitch Plc and Globe Reinsurance Company Limited, where he is a Director.

“From 1999 to 2010, he served as a Non-Executive Director on the Board of First Bank of Nigeria Plc., and he is currently Chairman of FBN Bank (UK) Ltd, a wholly owned subsidiary of First Bank in the city of London,” First Bank UK wrote on its website.

On Thursday, the CBN named his 56-year-old brother Tunde as the new Chairman of First Bank.

He succeeds Ibukun Awosika, the former Chairman of the Board of Directors, who was appointed Chair of the First Bank of Nigeria in 2015.

The news came after the CBN fired First Bank’s entire board of directors.

The CBN’s action was not unrelated to Adesola Adeduntan’s removal as the bank’s Managing Director/Chief Executive Officer.

Gbenga Shobo was named MD/CEO designate by the bank without the necessary regulatory approval.

As a result, the two brothers are now the chairman of First Bank UK and First Bank Nigeria.

Tunde, the new Chair of the First Bank of Nigeria, has worked for Leadway Assurance for 29 years and two months.

Odukale was a Non-Executive Director from March 1992 to January 2020, according to his LinkedIn profile, a span of 27 years and 11 months.

Before the Central Bank of Nigeria dissolved First Bank directors, the banker was appointed the company’s managing Director in January.

“His executive management experience spans over 21 years and includes Asset Management, Finance, Information Technology, and Life Insurance Operations,” First Bank wrote.

“He has a keen eye for evaluating proposals and developing IT strategy and direction that is beneficial to the Bank’s Board.”

Total Health Trust Limited and other Leadway Assurance Subsidiaries are also on the board of directors for the banker.

According to his educational history, he earned his A Levels certification between 1981 and 1984 at Hurtwood House College in the United Kingdom.

Between 1984 and 1987, he earned a BSC in Metamathematics from the University of London, and between 1987 and 1988, he earned a Post Graduate Diploma in Actuarial Science from City University London.

According to his Linkedin profile, his hubbies enjoy tennis, reading, and travelling to new places.

 

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Mr. Tunde has been confirmed as the single-largest shareholder by FBN Holdings Plc, the holding company of First Bank Nigeria Limited.

Hassan Odukale is the largest single shareholder in the group, according to the bank, with a 5.36 percent stake, followed by Femi Otedola with a 5.07 percent stake.

First Bank Nigeria limited Hassan Odukale

According to a filing made available to The Nigerian Exchange, Odukale and Otedola are the only two substantial shareholders with more than a 5% equity interest in FirstBank Holdings Plc (NGX).

In a letter to the Director-General of the Nigerian Exchange Limited, FBN Holdings informed the Bourse that Hassan-Odukale owns a total of 5.36 percent of the Group’s issued share capital, while Otedola owns a total of 5.07 percent.

While the letter may have been intended for NGX’s Chief Executive Officer, the Exchange’s leadership has since changed its title to Chief Executive Officer to reflect its private structure.

This suggests that there was more scheming going on behind the scenes than just FBN Holdings’ disclosures of the two major shareholders, Odukale and Otedola.

There is no clarity on the timing of Odukale’s and his related entities’ acquisition of the shares, especially since FBN Holdings’ financial statements for the period ending June 30, 2021 do not list Odukale as a substantial shareholder.

According to Sections 119 and 120 of CAMA (2020) and Rule 17.13 of the NGX Rulebook, there may have been an undue delay in the disclosure, which is in violation of relevant statutory and regulatory requirements of disclosing substantial shareholding in a public entity within seven days and ten days of acquiring such equity interest, respectively.

The letter was written in response to the NGX’s request for clarification on the rationale for Hassan Odukale’s ownership, especially since holdings by entities like Leadway Pensure were added to its “cumulative stake” in the Group, despite the fact that Leadway Pensure is a pension fund administrator holding assets, including shares in companies, on behalf of pension contributors, who are the ultimate beneficial owners of the assets.

In the letter, Kosoko, FBN Holdings defined “substantial shareholders” as “shareholders holding 5% or more of the company’s stock.”

The battle for control of Nigeria’s oldest bank erupted last weekend, with initial media reports claiming Otedola had acquired a controlling stake.

Despite the fact that Hassan Odukale and Femi Otedola have significant stakes in FBN Holdings, neither of them has a controlling interest in the company from an accounting or statutory standpoint.

While the bank initially denied knowing about Otedola’s significant stock purchases, it later confirmed the reports, revealing that he had amassed as much as a 5.07 percent stake in FBN Holdings Plc.

The fight may be just getting started, and it could be a precursor to a tumultuous Annual General Meeting for FBN Holdings.

Surprisingly, the regulator, the Central Bank of Nigeria, appears to have remained silent on the issue at this time, possibly awaiting further developments.

FBN Holdings’ shares are still one of the most liquid on the NGX, with 75.46 million units traded at a value of N898.01 million, accounting for 28.04 percent of the total N3.20 billion in NGX transactions for the day.

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