The Securities and Exchange Commission (SEC) Nigeria has issued a public clarification over its role in the recent FirstHoldCo transaction, firmly denying reports that it queried the parties involved.
In a statement released yesterday, signed by Efe Ebelo, Head, External Relations of SEC, the capital market regulator said it acted in accordance with its mandate and regulatory procedures and had no reason to raise concerns about the transaction after it was concluded.
According to SEC, the commission granted a “no objection” to the transaction following a detailed review and in compliance with all relevant laws and regulations.
The approval, it said, was given only after due diligence and was consistent with the standards expected of such high-profile financial dealings.
The SEC added that there was no follow-up request for additional information from the Central Bank of Nigeria (CBN), implying that all regulatory processes had been duly satisfied.
“There was no subsequent request for additional information from the Central Bank of Nigeria following the conclusion of the transaction,” the commission said.
Addressing reports suggesting that a query had been issued, the SEC clarified that its communication with the operators involved was not disciplinary or adversarial.
Rather, it was an automated compliance mechanism that applies routinely to large-scale transactions in the market.
The commission explained that this compliance tool is designed to enhance transparency, ensure proper closure of transactions, and maintain market integrity.
“The commission’s correspondence with the operators involved was not a query,” the statement read. “Rather, it was an automated compliance mechanism designed to promote transparency and ensure proper conclusion of large transactions within the market.”
The statement comes amid widespread speculation and public discourse surrounding the FirstHoldCo deal, which has attracted significant interest from market stakeholders, investors, and analysts.
While the SEC did not provide details of the transaction, it is understood to involve strategic changes within the shareholding and structure of a major financial services group.
Such moves often trigger regulatory oversight from both the SEC and the CBN, especially when they involve institutions deemed systemically important.
Analysts believe the SEC’s clarification is timely and necessary to dispel doubts about the transparency and legality of the deal. They also commended the regulator for maintaining a calm but firm response in an environment where rumours can easily distort market sentiment.
“The SEC’s decision to speak clearly and directly is commendable. It helps stabilise market expectations and reinforces investor confidence,” said a Lagos-based investment advisor. “It also signals that the regulator is willing to defend the integrity of its processes when challenged.”
The commission used the opportunity to reaffirm its core mandate to regulate and develop Nigeria’s capital market in line with international best practices. It reiterated its commitment to protecting investors, ensuring orderly market operations, and encouraging capital formation to support national development goals.
“The SEC remains firmly committed to its mandate of regulating a fair, orderly, and efficient market; protecting investors; and fostering capital formation in Nigeria,” the statement concluded.
With this clarification, the commission appears determined to close the chapter on doubts over the FirstHoldCo transaction and reassert its authority as a regulator that acts based on facts, not speculation. The move also underscores the importance of credible regulatory communication in an economy where investor trust is critical to long-term growth.
