The Securities and Exchange Commission (SEC) is currently investigating, Oba Otudeko over his acquisition of 4.7 billion shares of FBN Holdings.
A probe of the contentious deal that which was published on the website of the Nigerian Exchange Limited of Friday, July 7 is currently being probed according to a source in SEC.
The source said, “I am aware the Commission is looking into the transaction. A report has been made already and forwarded to the management.”
There have controversies over Otudeko’s acquisition of the shares with Ecobank writing FBN to reject the offer.
Ecobank had on Monday written a petition to FBN Holdings, requesting for the rejecting of Otudeko’s acquisition of about 14 per cent of the group’s shares which would make him the major shareholder.
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