The Securities and Exchange Commission (SEC) Nigeria has clarified its position regarding the recent NO OBJECTION approval granted for the recent sales of shares of First Holdco Plc, the parent company of First Bank of Nigeria Limited.
According to the release signed by Mrs Efe Ebelo, the Commission’s Head of External Relations, “the Commission granted a no-objection to the transaction after due consideration and in full compliance with applicable requirements.
”There was no subsequent request for additional information from the Central Bank of Nigeria (CBN) following the conclusion of the transaction.”
The release debunked reports that it issued a query to First Holdco about the ownership of the shares.
The SEC stated that “its correspondence with the operators involved should not be misconstrued as a query”, explaining that it was an automated compliance mechanism designed to promote transparency and ensure the proper completion of large transactions within the market.
The statement read in full:
The Securities and Exchange Commission (SEC) Nigeria wishes to clarify its position regarding the recent First Holdco Transaction.
In line with extant laws and SEC regulations, the Commission granted a “no objection” to the transaction after due consideration and in full compliance with applicable requirements. There was no subsequent request for additional information from the Central Bank of Nigeria (CBN) following the conclusion of the transaction.
It is important to note that the Commission’s correspondence with the operators involved was not a query. Rather, it was an automated compliance mechanism designed to promote transparency and ensure proper conclusion of large transactions within the market.
The SEC remains firmly committed to its mandate of regulating a fair, orderly, and efficient market; protecting investors; and fostering capital formation in Nigeria investment
