The Securities and Exchange Commission (SEC) Nigeria has issued an official clarification regarding its role and regulatory stance in the recent First Holdco transaction, following public speculation and misinterpretations of its involvement.

In a statement released by the commission, the SEC affirmed that it duly granted a “no objection” to the transaction after conducting a thorough review in line with existing laws and the Commission’s regulatory framework.

The approval was issued only after all requirements had been met, and the transaction had been assessed for compliance with applicable standards governing such corporate actions.

The commission also clarified that, contrary to certain public impressions, there was no subsequent request for additional information from the Central Bank of Nigeria (CBN) after the transaction had been completed.

This underscores the fact that the transaction was concluded without any unresolved regulatory issues or outstanding documentation.

SEC emphasized that recent correspondence directed at the operators involved in the deal should not be misconstrued as a formal query or enforcement action. Rather, the communication was part of an automated post-transaction compliance system aimed at enhancing transparency and ensuring that all large-scale transactions in the capital market are properly closed and recorded in accordance with regulatory expectations, it said

According to the statement signed by Head of External Relations at the Commission, Efe Ebelo, the SEC said it remained resolutely committed to its core mandate of fostering a fair, orderly and efficient market environment.

The Commission reiterated its unwavering dedication to protecting investors and facilitating sustainable capital formation in Nigeria’s evolving financial ecosystem.

This clarification was intended to assure market participants, stakeholders and the investing public of the Commission’s impartial and process-driven approach to regulation, the statement said.

Meanwhile, the Nigerian stock market, yesterday, continued its upward trend, with market capitalisation crossing the N84 trillion mark.

At the close of transactions yesterday, the all share index (ASI) gained by 642.57 points, representing a growth of 0.48 per cent to close at 133,200.00 points. Similarly, market capitalisation rose by N407 billion to close at N84.263 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Okomu Oil, Guinness Nigeria, Oando and Nigerian Exchange Group.

On market outlook, analysts at Afrinvest Limited said: “We expect the positive sentiment to be sustained, inspired by the upbeat earnings releases thus far.”

As measured by market breadth, market sentiment was positive as 46 stocks gained relative to 33 losers. Academy Press, FTN Cocoa processors and Sovereign Trust Insurance recorded the highest price gain of 10 per cent each to close at N8.47 kobo, N6.60 kobo and N1.43 kobo respectively.

R.T. Briscoe Nigeria, Guinness Nigeria and The Initiates Plc (TIP) followed with a gain of 9.97 per cent each to close at N3.75, N106.45 and N14.67, while Oando rose by 9.96 per cent to close at N57.40 kobo.

On the other hand, ABC Transport, John Holt and Union Dicon Salt led the losers’ chart by 10 per cent each to close at N4.59 kobo, N8.10 kobo and N9. respectively.

Industrial and Medical Gases Nigeria followed with a decline of 9.89 per cent to close at N38.25, while Secure Electronic Technology declined by 9.71 per cent to close at 93 kobo.

The total volume traded advanced by 20.1 per cent to 818.387 million units, valued at N22.665 billion, and exchanged in 22,955 deals.

Transactions in the shares of Japaul Gold & Venture topped the activity chart with 83.79 million shares valued at N231.761 million. United Bank for Africa (UBA) followed with 73.088 million shares worth N3.406 billion, while Access Holdings traded 65.002 million shares valued at N1.852 billion.

Consolidated Hallmark Holdings traded 55.706 million shares valued at N169.05 million, while Nigerian Breweries sold 41.110 million shares worth N2.972 billion.