Reps To Probe Suspension Of SEC DG By Adeosun

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The House of Representatives yesterday directed the Minister of Finance, Kemi Adeosun to reinstate the suspended Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo. The motion was unanimously adopted after it was put to a voice vote by the Speaker, Yakubu Dogara.

"The House observes that there are allegations of interference by the Ministry of Finance in the discharge ofthe responsibilities of SEC, particularly the Oando forensic audit matter, which was largely responsible for the DG's suspension", the motion read in part.

The Securities and Exchange Commission (SEC) has renewed its resolutions on the conduct of a forensic exercise on the activities of Oando Plc.The decision is contained in a letter dated December 5, 2017 addressed to Oando Plc and made available to The Guardian.

"It worthy of note that the conflict has allegedly lingered for several months between Ministry of Finance and Securities and Exchange Commission but the matter of disagreement brought it into the public domain", Diri stated.

"The intervention by the House would put the matter into proper perspective and amicable resolution of the conflict to protect the image of SEC in the interest of both local and foreign investors". Nigerians should know why the minister can not be investigated.

"Nigerians should know why the SEC DG was suspended".

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Speaking on the matter today, Chairman, Senate Committee on Capital Market, Mr Mustapha Bukar, said the forensic audit of Oando must go on.

A letter obtained by the News Agency of Nigeria (NAN) on Tuesday in Abuja showed that SEC had written to the Group Chief Executive Officer of Oando, Mr Adewale Tinubu, notifying him of its decision to conduct a forensic exercise into the activities of Oando Plc. Its letter said that the forensic auditors "shall be at your (Oando) premises on any date from Wednesday, December 6, 2017".

The statement from SEC further assured members of the public of its commitment to deliver the mandate it was set up to do.

The proposed forensic audit of Oando followed two petitions SEC received from concerned shareholders, Dahiru Mangal and Ansbury Incorporated, about alleged mismanagement of the company's financial affairs and distortion of its shareholding structure.

Dr Abdul Zubair has since been appointed as the acting Director General of the Commission.

"The Commission will also without let or hindrance, continue to be faithful to its developmental mandates as enunciated in the Investments and Securities Act". It is not a one-man entity, so the continuation of the forensic audit on Oando is a welcome development.

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