We didn’t query FirstHoldCo – SEC

Orisemeke Benjamin
The Securities and Exchange Commission (SEC) has clarified that it did not query FirstHoldCo concerning its recent transaction.

In a statement Thursday signed by Head External Relations of SEC Nigeria, Efe Ebelo (Mrs.), the Commission explained that its correspondence with the company was borne out of the need to promote transparency and
“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 remains firmly committed to its mandate of regulating a fair, orderly, and efficient market; protecting investors; and fostering capital formation in Nigeria.”
