The controversy over who is the largest shareholder in the First Bank of Nigeria Holding Plc continues on Saturday as the National Pension Commission (PenCom) told Tunde Hassan-Odukale that he can’t appropriate the shareholding of pension funds in the bank.

Hassan-Odukale, the chairman of FirstBank of Nigeria Limited and Managing Director of Leadway Pensure, is in a battle with billionaire Femi Otedola over who has the controlling shares of the bank.

Hassan-Odukale is claiming to own “cumulative equity stake” of 5.36 per cent of the bank while Otedola recently acquired 5.03 per cent shareholding.

The 1.05 per cent shareholding of Leadway Pensure PFA in the holding company is ascribed to Hassan-Odukale in a letter by FBN Holdings Company Secretary, Seye Kosoko, to the Nigerian Exchange Limited, dated October 26 and signed.

But PenCom, in a statement by its spokesman, Mr. Peter Aghahowa, differed.

“For the avoidance of doubt, the equity investments in FBN Holdings made by Leadway Pensure Ltd., on behalf of the pension funds under its management are in the name of the pension fund and belong to the Retirement Savings Account (RSA) holders.

“Therefore, the equity investments in FBN Holdings Plc., as stated cannot be appropriated or classified as shareholdings of any related party to the Pension Fund Administrators (PFAs).

“Leadway Pensure Ltd. is not in breach of the Investment Regulation by investing pension funds in the equities of FBN Holding Plc.

“Records which can be confirmed from the Securities and Exchange Commission shows that the equity investments in FBN Holdings Plc are in the name of the pension fund on behalf of the RSA holders,” it said.

With PenCom’s position, Otedola is now having a majority stake in the holdco with 5.03 per cent while Hassan-Odukale has less than five per cent.

According to PenCom, pension fund assets are managed by licensed PFAs and held in custody by Pension Fund Custodians (PFCs) on behalf of RSA holders and other beneficiaries of the Contributory Pension Scheme (CPS), in line with the provisions of the Pension Reform Act 2014 (PRA 2014).