No Irregularities In First HoldCo Deal, SEC Insists
… Says No Query Issued
The Securities and Exchange Commission (SEC) has debunked speculations of any irregularities in the recently concluded transaction involving First HoldCo Plc, affirming that it fully complied with regulatory requirements and did not attract any formal query.
In an official statement issued by the Commission and made available to THE WHISTLER, the SEC clarified that it had granted a “no objection” to the transaction after thorough evaluation in accordance with existing laws and its regulatory framework.
The Commission added that the Central Bank of Nigeria (CBN) did not raise any subsequent request for additional information once the deal was finalized.
Addressing reports suggesting otherwise, the SEC explained that its correspondence with parties to the transaction was part of an automated compliance mechanism and not a query.
According to the regulator, such mechanisms are standard in significant market transactions to ensure transparency and proper closure.
“The Commission’s communication with the operators was not a query but an automated compliance tool aimed at enhancing transparency and ensuring a seamless conclusion of large transactions in the capital market,” SEC clarified.
Reiterating its regulatory mandate, the SEC emphasized its continued commitment to promoting a fair, orderly, and efficient capital market, protecting investors, and fostering capital formation in Nigeria.
The clarification comes amid heightened interest in the transaction, which has drawn public and market scrutiny, prompting the Commission to reaffirm its position and regulatory integrity.
The statement was signed by Head of External Relations at the SEC, Mrs. Efe Ebelo.
THE WHISTLER had repored that a key shareholder in Nigeria’s oldest banking group, First Bank Holding Company Plc (First Holdco), Oba Otudeko, has exited the group following a N323.33bn block deal on the Nigerian Exchange Limited.
The transaction saw 10.43 billion ordinary shares of First Holdco traded in 17 off-market, negotiated deals at an average price of N31 per share. The block deal represents a 25 per cent majority stake in the financial holding company, which has 41.87bn outstanding shares.
The negotiated window on the NGX allows parties to pre-arrange the price and terms of large-volume transactions before formal execution on the exchange.
No Irregularities In First HoldCo Deal, SEC Insists is first published on The Whistler Newspaper
