techkenyot.com
techkenyot.com 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.

Argentina, Iceland, Croatia in World Cup Group of Death
Portugal has to accept that we are one of the favorite but if you look in a bit more detail, you can see it's very hard . Russia, the host country for the World Cup, was placed in Group A with Saudi Arabia, Egypt and Uruguay.

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.

US Senate confirms Kirstjen Nielsen as DHS secretary
Although several Democrats voted to confirm Nielsen, some expressed concern over the 45-year-old's experience level. Democrats complained that Nielsen lacks the experience needed to run a major agency with 240,000 employees.

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.

Terry Crews Sues Male Agent Who Grabbed His Crotch, Allegedly
Terry Crews is taking legal action against Adam Venit , the William Morris Endeavor agent he claims sexually assaulted him. Sandler later called Crews and asked him if he was OK, Crews said.



Other News

Trending Now

Shares in Provident Financial plunge as FCA launches probe into Moneybarn
Shares in Provident , which has around 2.5 million customers, have taken a hammering on the London Stock Exchange this year. Neil Wilson, a senior market analyst at ETX Capital, said the investigation signalled "more trouble at the Provvy".

Meghan Markle Could Unlock Tax secrets of the Royals
Sounds like the status quo of most A-list actors/singers/athletes, and the " Suits " actress probably knows exactly what she's signing up for.

Hamas 'appreciates' Erdogan's position on Jerusalem
Trump is also scheduled to call Prime Minister Benjamin Netanyahu and King Abdullah of Jordan. Jerusalem is claimed by both the Israelis and Palestinians as their capital.

Terrorist plot to assassinate British PM foiled
The head of MI5, Andrew Parker, is believed to have briefed Cabinet ministers about the alleged terror plot on Tuesday. They will report to the Westminster Magistrates' Court on Wednesday morning.

Spanking Kids May Lead Them to Violent Dating Relationships
They asked them about their childhood experiences, physical abuse and their current experiences with dating violence. Nearly two-thirds said they were spanked as kids, and 19 percent of them admitted to dating violence.

Key meeting for PM May as Brexit talks enter decisive phase
According to a agency report, deals were reached this weekend on the United Kingdom "divorce bill" and citizens' rights.

Labor senator referred to High Court and others could follow
Burke said if Malcolm Turnbull was "desperate to move referrals" then the government would probably proceed down that path. It is understood the crossbenchers also met with Mr Turnbull but were told no more coalition MPs would be referred.

Guardiola: My Manchester City side are learning to win in Fergie Time
We had one day where we could prepare. "But we got a point and need to look forward now". Man City vs West Ham kicks off at 4pm .

Social media goes wild for 'invisible box challenge' viral trend
It appears that fitness is a key ingredient in beating the challenge, according to Men's Health fitness editor Ebenezer Samuel. It requires some good kinesthetic sense to keep the raised leg in the same position while you lift the jumping foot higher.

Profumo affair's Christine Keeler has passed away aged 75
Ms Keeler later claimed she had an affair with Eugene Ivanov, an assistant naval attaché at the Soviet Embassy, at the same time. The Profumo undertaking will be the subject of a BBC One dramatization which starts shooting one year from now.