August 23, 2011
THE Securities and Exchange Commission (SEC), yesterday, said it will clear the Transaction Implementation Agreements (TIAs) submitted by the five rescued banks before September 30 deadline.
The Director-General of SEC, Arunma Oteh, disclosed this in an interview with the News Agency of Nigeria in Lagos.
According to Oteh, SEC has assigned more resources to review the applications to ensure approvals are completed ahead of the September 30 deadline.
Oteh was quoted as saying “The commission’s team is working all hours to complete the due diligence required for the submissions made by the banks”.
She explained that there were no delays in the processing of applications but “SEC as a responsible organisation takes its mandate of investors’ protection with utmost seriousness.
“We (SEC) always ensure that our due diligence on any transaction is efficient and comprehensive,” she said.
The Director-General noted that the commission recognises the importance of the TIAs to the resolution of the banking sector challenges, adding that SEC would ensure the appropriate thing was done.
The five rescued banks, namely: Intercontinental Bank Plc, Oceanic Bank, Finbank, Union Bank and Equatorial Trust Bank (ETB) had signed TIAs with their co-investors by August.
The aim was to ensure they beat the apex bank’s deadline for recapitalisation and place them in a position to hold extraordinary general meetings.