Securities and Exchange Commission (SEC) has begun investigation into the circumstances surrounding the “mystery buyer” of First Bank of Nigeria (FBN) stake, a development that aligns with THISDAY’s position on the matter.
This is coming a week after tycoons, Foluke Oyeleye and Ayoola Otudeko, sold their stake in the ownership of Nigeria’s oldest bank, as the identity of the new investor remained under wraps, spurring queries by the market regulator and investors, a Bloomberg news report said on Tuesday.
SEC is the primary regulator of the capital market and its main role is to protect investors, ensure fair and orderly market practices, and promote confidence in the financial system.
Bloomberg reported that Barbican Capital Ltd., managed by Oyeleye and Otudeko, and other investors sold about 25 per cent of First HoldCo Plc, the parent company of First Bank of Nigeria Limited, on July 16, according to data provided by SEC.
While the shares were being held by RC Investment Management Ltd., a special purpose vehicle, the name of the beneficial owner was unknown, the Bloomberg report said. The situation has now prompted SEC to seek more details from the Central Bank of Nigeria (CBN), the market regulator said in an emailed response to Bloomberg.
THISDAY had earlier raised posers over the issue, when it said First HoldCo Plc, in its latest market action, an off-market sale of 10.4 billion shares valued at N324.47 billion on Wednesday July 16, 2025, had brazenly affronted Laws and Regulations of the Federal Republic of Nigeria put in place for good governance and transparency.
It listed several alleged breaches by the bank, expressing concerns over apparent moves by First HoldCo Plc to intimidate THISDAY and Arise Media groups via a sponsored post in several Nigerian newspapers.
“Any person acquiring five per cent or more of a listed company’s shares (directly or indirectly) must be disclosed. Disclosure must include: identity of the beneficial owner; shareholding category (e.g., director, substantial shareholder, insider); and whether the holding is direct or via a trustee/nominee,” THISDAY and Arise editors stated.
Given the size of the sale, “This transaction must have been endorsed by CBN,” Kato Mukuru, founding partner at London-based Emerging & Frontier Capital LLP told Bloomberg.
“If that is the case, why have minority investors not been told who the beneficial owner of this controlling stake is?” Mukuru asked.
The central bank did not immediately respond to queries seeking comment by Bloomberg.
First HoldCo had attracted investor attention in the past, the report said.
Some former board members and key shareholders, including Oba Otudeko, ex-Chairman Tunde Hassan-Odukale, and Femi Otedola, the current one, had sought to buy stakes in the firm. Otedola outbid the others to emerge as a key stakeholder and was appointed chairman in 2024.
The absence of disclosure prompted speculation that the government was behind the purchase, which President Bola Tinubu’s administration denied.
Shares of the owner of the lender established in 1894, fell three per cent on Tuesday in Lagos, the report added.
“The market also needs to know what this means for the bank’s future strategic direction and its capital structure,” Mukuru said.
Emmanuel Addeh
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