Acquisition of Otudeko, Odukale shares in First HoldCo was approved, says SEC

The Securities and Exchange Commission (SEC) says it approved the decision of Oba Otudeko, chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, to sell their shares in First HoldCo to RC Investment Management Limited.

In a statement on Thursday, signed by Efe Ebelo, the SEC’s head of external relations, the commission said it granted a “no objection” to the transaction after due consideration and in full compliance with applicable requirements.

“The Securities and Exchange Commission (SEC) Nigeria wishes to clarify its position regarding the recent First Holdco Transaction,” the statement reads.

“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 SEC noted that its correspondence with the operators was not a query but part of an automated compliance mechanism aimed at enhancing transparency and ensuring the proper closure of large market transactions.

The commission reaffirmed its commitment to maintaining a fair, orderly, and efficient market, safeguarding investors, and supporting capital formation in Nigeria.

On July 17, TheCable reported that Otudeko and Hassan-Odukale sold a combined total of over 10 billion shares.

Following the report, some media outlets speculated that the shares were acquired by Femi Otedola and the federal government—claims that First HoldCo denied.

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.