The Securities and Exchange Commission (SEC) says it approved the decision of Oba Otudeko, chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, to sell their shares in First HoldCo to RC Investment Management Limited.
In a statement on Thursday, signed by Efe Ebelo, the SEC’s
head of external relations, the commission said it granted a “no objection” to
the transaction after due consideration and in full compliance with applicable
requirements.
“The Securities and Exchange Commission (SEC) Nigeria wishes
to clarify its position regarding the recent First Holdco Transaction,” the
statement reads.
“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.”
The SEC noted that its correspondence with the operators was
not a query but part of an automated compliance mechanism aimed at enhancing
transparency and ensuring the proper closure of large market transactions.
The commission reaffirmed its commitment to maintaining a
fair, orderly, and efficient market, safeguarding investors, and supporting
capital formation in Nigeria.
On July 17, TheCable reported that Otudeko and
Hassan-Odukale sold a combined total of over 10 billion shares.
Following the report, some media outlets speculated that the
shares were acquired by Femi Otedola and the federal government—claims that
First HoldCo denied.
The company clarified that the sellers were Barbican Capital
Limited and its affiliates, as well as Leadway Group and its affiliates, while
RC Investment was the sole buyer of the shares.
a
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com