Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has said the N323 billion buyout deals involving two longstanding shareholders of First Holdco and an investment firm fully complied with all rules and regulations.
Against the background of a media report insinuating a further enquiry by the SEC, the Commission stated that it had granted “no objection” to the transaction after it was satisfied that the transaction complied with all applicable requirements.”
According to the SEC, 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.
In a statement Signed by Head External Relations, Securities and Exchange Commission, Mrs. Efe Ebelo the Commission said “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.
Hauwa Abu