The Securities and Exchange Commission (SEC) of Nigeria has officially confirmed that it granted a “no objection” approval for the recent sale of shares in First HoldCo Plc, the parent company of First Bank of Nigeria Limited.
This announcement comes amid reports suggesting possible regulatory queries regarding the share transfer.
In a statement signed by Mrs. Efe Ebelo, Head of External Relations at SEC, the Commission clarified that the transaction was conducted in full compliance with existing laws and SEC regulations.
The communication exchanged with the transaction parties was part of an automated compliance mechanism intended to enhance transparency and ensure the smooth completion of significant market transactions, and not a formal query.
Mrs. Ebelo stated, “There was no subsequent request for additional information from the Central Bank of Nigeria (CBN) following the conclusion of the transaction.
The SEC remains firmly committed to regulating a fair, orderly, and efficient market; protecting investors; and fostering capital formation in Nigeria.”
The transaction involved the sale of a substantial block of shares estimated at 10.43 billion units worth approximately N323 billion.
While major shareholders such as Oba Otudeko and Tunde Hassan-Odukale divested, insider speculation points to Femi Otedola consolidating a stronger controlling interest.
The SEC’s confirmation dispels rumors of regulatory intervention and affirms that the transaction met all regulatory standards for transparency and proper market conduct.
This development highlights SEC’s ongoing efforts to maintain investor confidence and promote healthy capital market practices in Nigeria.
