December 17, 2017

Reps direct reinstatement of SEC DG, Gwarzo

06 December 2017, 07:01 | Silvia Roy

Reps direct reinstatement of SEC DG, Gwarzo

Oando concludes divestment of equity stake in downstream operations

At its plenary in Abuja, the House directed its Committee on Capital Market and other financial Institutions to conduct the investigation within two weeks, particularly the allegation that the suspension was as a result of the refusal of Gwarzo to halt the forensic audit of Oando Plc being carried out by SEC on the instruction of the minister.

The motion was supported when the Speaker, Honourable Yakubu Dogara, put it to voice vote. The motion was entitled "The need to intervene in the ongoing conflict between finance minister and suspended SEC DG".

The house of representatives has resolved to probe the suspension of Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC).

The Securities and Exchange Commission (SEC) has reiterated its decision to continue with the conduct a Forensic Exercise into the activities of Oando Plc following the court order setting aside the prayers of Oando to stop the process.

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The letter of notice sent to Oando indicates that the audit will begin today, the 6th of December.

This incurred the wrath of stakeholders in the Nigerian capital market, who did not waste any time to call for the immediate sack of the Minister.

SEC also confirmed that though the court advised Oando Plc to approach the Securities Tribunal, it has not received any notification from any court stopping it from proceeding with the forensic audit. "Nothing less than a total inquiry into what happened in SEC is what is required and not only why the DG was suspended".

The Commission, in a statement, said it has written to Oando Plc yesterday of its commitment to conduct the forensic exercise on the company's activities.

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In a statement by Head of Corporate Communications, Securities and Exchange Commission (SEC), Bagudu Waziri, the apex capital market regulator assured the general public of its zero tolerance to infractions in the Nigerian capital market.

The Commission had in a statement while announcing the appointment of Dr. Abdul Zubair as the acting DG SEC by the Federal Government said: "In view of the foregoing, the SEC Nigeria, wishes to assure the investing public and all stakeholders, local and worldwide, of its commitment to ensuring the uninterrupted and orderly operation of the market and the regulation thereof".

"What is happening in SEC is symptomatic of the collapse of capital market".

In specific terms, the Commission while ensuring market efficiency, accountability and transparency, will proceed with all regulatory matters now before it with all sense of objectivity and fairness, with the best interest of investors at the core of all considerations. It is not a one-man entity, so the continuation of the forensic audit on Oando is a welcome development.

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