SEC: No objection to First HoldCo transaction

The Securities and Exchange Commission (SEC) says it granted no objection to the recent transaction involving the chairman of Honeywell Group, Oba Otudeko and the Group Managing Director of Leadway Assurance, Tunde Hassan-Odukale, in the sale of their shares in First HoldCo to RC Investment Management Limited. A statement issued on Thursday by the SEC’s […]

The Securities and Exchange Commission (SEC) says it granted no objection to the recent transaction involving the chairman of Honeywell Group, Oba Otudeko and the Group Managing Director of Leadway Assurance, Tunde Hassan-Odukale, in the sale of their shares in First HoldCo to RC Investment Management Limited.

A statement issued on Thursday by the SEC’s Head of External Relations, Efe Ebelo,  said it granted the approval to the transaction after due consideration and in full compliance with applicable requirements.

“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,” the statement reads.

Last Wednesday, Otudeko and Hassan-Odukale sold a combined total of over 10 billion shares.

Some reports linked the acquisition to the Chairman of First HoldCo, Femi Otedola and the Federal Government, but First HoldCo denied the claim.

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.