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The Securities and Exchange Commission (SEC) has confirmed that it approved the sale of shares in First HoldCo by Oba Otudeko, chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, to RC Investment Management Limited.
In a statement issued on Thursday, July 24, and signed by Efe Ebelo, head of external relations, the commission stated that it granted a ‘no objection’ to the transaction after thorough review and in strict adherence to all regulatory requirements
“The Securities and Exchange Commission (SEC) Nigeria wishes to clarify its position regarding the recent First Holdco Transaction,” the statement read.
“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 Securities and Exchange Commission (SEC) clarified that its recent communication with market operators was not a formal query but part of an automated compliance process designed to boost transparency and ensure the proper execution and closure of large market transactions.
The commission reiterated its dedication to fostering a fair, orderly, and efficient market while protecting investors and encouraging capital formation within Nigeria’s financial system.
On Thursday, July 17, reports surfaced that Otudeko and Hassan-Odukale had collectively sold more than 10 billion shares.
Subsequent media speculation suggested that the shares were purchased by Femi Otedola and the federal government, but First HoldCo dismissed these claims.
The company confirmed that the sellers were Barbican Capital Limited and its affiliates, along with Leadway Group and its affiliates, while RC Investment was the sole buyer of the shares.
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