Reps to investigate suspension of SEC DG

APC Oando

SEC Commences Fresh Forensic Audit On OANDO Plc

House of Representatives on Tuesday resolved to probe all allegations of corruption in the Security and Exchange Commission, SEC which led to the suspension of its Director-General, Munir Gwarzo by the Minister of Finance, Kemi Adeosun.

The Commission has also assured the general public of its zero tolerance to infractions in...

In a statement by Head of Corporate Communications, Securities and Exchange Commission (SEC), Bagudu Waziri, the Commission reiterated its commitment to undertake a thorough investigation into the allegations against Oando.

The Nigerian Senate has thrown its full weight behind the forensic audit of Oando Plc, a leading oil firm in the country.

The action is coming against recent media speculation that the embattled Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo was suspended by the Federal Government, partly for refusing to halt the forensic probe on Oando.

"While the Commission patiently awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Honourable Minister of Finance, at no point will Management allow the operational independence of the Commission to be compromised".

Lawmakers on Tuesday opened an investigation into Gwarzo's suspension, pledging to look into whether the ministry had interfered with the SEC's work, particularly issues related to the forensic audit of Oando.

Adopting a motion by Rep Diri Douye (PDP, Bayelsa) at yesterday's plenary, the House said the conflict between the two officials had lingered for several months but that the Oando audit brought it to the public domain.

"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".

In his contribution, Toby Okechukwu (PDP, Enugu) said a thorough investigation is necessary in order to forestall the ugly past experience that led to the stock market crisis in the past. Nigerians should know why the DG was sacked.

However, it lost this bid at the court because the presiding judge, Justice Mohammed Aikawa, threw out the case for lack of jurisdiction, advising Oando to take the matter to an Investment and Securities Tribunal (IST), which has the powers to hear disputes arising from the capital market.

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