THE Securities and Exchange Council is currently investigating the acquisition of 4.7 billion shares of FBN Holdings by a former Chairman of the bank, Oba Otudeko, according to PUNCH.
The newspaper quoted a source within the commission to have said that a probe of the contentious deal that 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.”
Meanwhile, some capital market experts have said the acquisition of about 4.7 billion shares of FBN Holdings by Otudeko, followed due capital market stipulations.
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