‘No objection’ was granted — SEC clarifies position on First Holdco deal

The Securities and Exchange Commission (SEC) has clarified its position regarding the recent First Holdco Transaction, stating that it granted a “no objection” to the transaction after due consideration and in full compliance with applicable requirements.

The SEC explained that there was no subsequent request for additional information from the Central Bank of Nigeria (CBN) following the conclusion of the transaction.

The Commission noted that its correspondence with the operators involved in the transaction was not a query; rather, an automated compliance mechanism designed to promote transparency and ensure proper conclusion of large transactions within the market.

Stating its position regarding the First Holdco Transaction in a statement signed by Efe Ebelo (Mrs.)
Head External Relations, Securities and Exchange Commission, Nigeria, on Thursday, the SEC said, “The Securities and Exchange Commission (SEC) Nigeria wishes to clarify its position regarding the recent First Holdco Transaction. 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 reiterated that it remains firmly committed to its mandate of regulating a fair, orderly, and efficient market; protecting investors; and fostering capital formation in Nigeria.

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