The Securities and Exchange Commission (SEC) granted a “no objection” to the N323.45 billion First Holdco off-market deal that occurred on July 16.
The regulator in a statement clarified its role in the deal, which is famous for being the largest on the NGX, following public speculation over the nature of its involvement.
In a statement released Thursday, the Commission stated it conducted a comprehensive review. This review was carried out in line with existing laws and regulatory requirements. The capital market regulator also emphasised that there were no subsequent requests for additional information. It added that the Central Bank of Nigeria (CBN) made no further inquiries after the transaction was finalised.
Addressing circulating reports, the SEC noted that its communication with the parties involved should not be misconstrued as a query. Instead, it described the correspondence as part of an automated compliance mechanism designed to ensure transparency and proper closure of large-scale transactions in the Nigerian capital market.
“The Commission remains firmly committed to its mandate of regulating a fair, orderly, and efficient market; protecting investors; and fostering capital formation in Nigeria,” the statement added.
The June 16 transaction involved the sale of over 10.4 billion shares in First Bank Holdings by entities linked to Oba Otudeko and Tunde Hassan-Odukale to RC Investment Management. RC Investment has since been identified as a trustee acting under an arrangement coordinated by the Central Bank of Nigeria (CBN) and First Bank Holdings.
Otudeko and Hassan-Odukale, both former chairmen of First Bank of Nigeria, were key figures in the long-running power tussle for control of the lender. The leadership struggle dates back to 2021, when billionaire investor Femi Otedola entered the fray and eventually emerged as chairman of First Bank Holdings. Otudeko, through his investment vehicle Barbican Capital, had taken legal action against the CBN and First Holdco, challenging the refusal to acknowledge his claimed majority stake.
