By Obas Esiedesa, Abuja
The Securities and Exchange Commission (SEC) Nigeria has said that it granted no objection to the recent sales of shares of First HoldCo Plc, the parent company of First Bank of Nigeria Limited.
The Commission, in a statement signed by the Head, External Relations, Mrs. Efe Ebelo, debunked reports that it issued a query to First Holdco about the ownership of the shares.
“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,” Mrs Ebelo added.
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