The Securities and Exchange Commission (SEC) has commenced investigation into the recent acquisition of 13.3% shares worth 4.7 billion of FBN Holdings by a former Chairman of the bank, Oba Otudeko, according to a Punch report on Wednesday.

Quoting a source within the commission, the report stated that a probe of the contentious deal that was published on the website of the Nigerian Exchange Limited on Friday, July 7, was currently being conducted.

“I am aware the Commission is looking into the transaction. A report has already been made and forwarded to the management,” an official of the commission who was not named was quoted to have said.

On Friday, FBNH said that Honeywell Group affiliate Barbican Capital Limited bought an aggregate of 4,770,269,843 units of the Holdco.

With the new acquisition, the FBNH said “the equity stake of Barbican Capital Limited In the Company is 13.3 percent.

Both Honeywell Group and Barbican Capital Limited are majorly owned by Otudeko, who was a former chairman of First Bank before he was removed by the Central Bank of Nigeria (CBN) in relation to some infractions.

The acquisition of 13.3 percent by Otudeko had sparked a reaction from Ecobank, which claimed the process was skewed to divert assets of Honeywell which are in contention as a result of exposure to credit facilities with the commercial lender.