The Securities and Exchange Commission has said it 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 on Thursday signed by its head of external relations, Efe Ebelo, the SEC said it issued a “no objection” to the transaction after a thorough review and in full compliance with regulatory 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 clarified that its communication with the parties involved was not a query, but part of an automated compliance process designed to enhance transparency and ensure the proper execution of large market transactions.

The commission reiterated its commitment to maintaining a fair, orderly, and efficient market, protecting investors, and promoting capital formation in Nigeria.

On July 17, it was reported that Otudeko and Hassan-Odukale had jointly sold over 10 billion shares.