The Securities and Exchange Council (SEC) is reportedly investigating the acquisition of 4.7 billion shares of FBN Holdings by a former Chairman of the bank, Oba Otudeko.
Punch quoted a source within the commission, who pleaded anonymity, to have confirmed that a probe of the contentious deal which was published on the website of the Nigerian Exchange Limited of Friday, July 7 was currently being probed.
The source said, “I am aware the Commission is looking into the transaction. A report has been made already and forwarded to the management.”
