Nigeria’s capeital market’s top watchdog, the Securities Exchange Commission (SEC) has issued a “no objection” to recent off-market trade involving 10.4 billion shares of First HoldCo Plc.
The regulator said in a statement signed by Efe Ebelo, its head of external relations, that it issued the “no objection,” following 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,” SEC stated.
“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 commission added.
Last Wednesday, the shares representing roughly 25 per cent of First HoldCo’s outstanding shares, exchanged hands in 17 negotiated deals at N31 per unit.
First HoldCo disclosed in a statement to NGX Regulation Limited on Friday that “the sellers were Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited.”
Oba Otudeko, a former chair of the board of directors of the holding company, controls Barbican Capital Limited, while Tunde Hassan-Odukale, an erstwhile chairman of First Bank, is the chief executive officer of Leadway Assurance Company Limited.
According to information gathered by PREMIUM TIMES, Barbican Capital sold 5.88 billion units, Peace Account GASL Nominee (associated with Mr Otudeko), sold 1.52 billion shares, RAML/MEF9 (associated with Mr Otudeko) sold 392.9 million shares, UBAPC/Leadway Pensure PFA Ltd FD1-T (associated with Mr Hassan-Odukale) sold 6 million shares, while ZPC/Leadway/NNPC Staff Pen Inv A/C – TRA (associated with Mr Hassan-Odukale) sold 24 million shares.
Also, Mr Hassan-Odukale sold 30.7 million shares, UBAPC/Leadway Pensure PFA Ltd FundIII-T (associated with Mr Hassan-Odukale) sold 39.9 million, Leadway Holdings Limited (associated with Mr Hassan-Odukale) sold 1.03 billion shares, ZPC/Leadway Assur. Prem. Coll. & Inv. A/C-T (associated with Mr Hassan-Odukale) sold 323.6 million, Leadway Assurance Co. Ltd (associated with Mr Hassan-Odukale) sold 432.3 million, while UBAPC/Leadway Pensure PFA Ltd-T (associated with Mr Hassan-Odukale) sold 392.3 million shares.
First HoldCo has stated that Femi Otedola, its chairman, did not partake in the transactions involving the 10.4 billlion shares, neither did the Nigerian Government, its agencies and the attorney general of the federation, contrary to some media reports.
