The Economic and Financial Crimes Commission (EFCC) has reportedly picked up and detained the newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc, Nnamdi Okonkwo.

Details of Mr Okonkwo’s arrest remained sketchy Sunday night although some sources said he was being questioned over his role in the transfer of $153.3 million from the Nigerian National Petroleum Commission in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister.

The banker was the managing director of Fidelity Bank at the time.

It is uncertain if the banker had been released at the time of filing this report. A source however told Premium Times the banker was in EFCC custody for at least three days up till Sunday morning.

The EFCC had on April 28, 2016 detained Mr. Okonkwo over the same matter and later slammed a 14-count charge, including money laundering, on him. The status of the case is unclear as of the time of filing this report on Sunday morning.

It is also unclear if there are fresh evidence against the banker which has now necessitated a fresh round of investigation. EFCC officials contacted declined to provide details.

The board of FBN Holdings Plc had on October 28 appointed Mr Okonkwo the new GMD of the company with effect from January 1, 2022. He will succeed U.K. Eke, who will step down on December 31, according to the company’s note to the Nigerian Exchange Limited.

The board’s decision came five days after the chairman of Geregu Power Plc, Femi Otedola, declared his 5.07 per cent stake in the group, making him a substantial shareholder.

It also came a day after Tunde Hassan-Odukale (FirstBank’s chairman) responded to a query from the exchange to FBN Holdings, seeking clarification on why the shareholding of Mr Hassan-Odukale and related parties were classified into two parts of 4.16 and 1.20 per cent respectively, totalling 5.36 per cent.

The post EFCC detains new First Bank MD first appeared on MicroSecondNews.

The Chairman of FBN Holdings (FBNH), Mr Tunde Hassan-Odukale, has been confirmed as the largest single shareholder of the company, dashing the hope of Femi Otedola who thought he had it under his belt.

This was stated in a letter published on the website of the Nigerian Exchange Ltd (NGX) on Wednesday.

The letter signed by FBNH’s Company Secretary, Mr Seye Kosoko, said Hassan-Odukale is the single-largest shareholder and not Mr Femi Otedola.

This new development is contrary to claims that the recent stakes of Otedola and his nominee, Calvados Global Services Ltd. constituted the largest single stake in the bank.

An analysis of the letter showed that Hassan-Odukale acquired the bulk of his shareholding in FBNH this year.

Hassan-Odukale’s shareholding stands at 5.36 per cent ahead of Otedola who owns 5.07 per cent.

The filing to the NGX stated that Hassan-Odukale and Otedola were the only two substantial shareholders with over five per cent equity interest in the company.

In a letter addressed to the Director-General of the NGX, FBN Holdings notified the bourse that Hassan-Odukale held cumulative of 5.36 per cent stake of the Group, while Otedola holds a total of 5.07 per cent, of the Group’s issued share capital.

Further breakdown of the data shows 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.

FBNH has outstanding shares of 35,895,292,792 units valued at N418.18 billion as at Oct. 27.

Hassan-Odukale’s recent direct and indirect stake in FBN Holdings Plc shows he has been buying the shares of the holding company this year.

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.

The post FBN Holdings dashes Otedola’s hope, announces Hassan-Odukale as largest shareholder first appeared on MicroSecondNews.