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Published On: Thu, Oct 11th, 2018

Reps includes Skye Bank in capital market probe, summons insurance coys

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By Christiana Ekpa

The Chairman of House of Representatives Sub-Committee on Capital Market and Institutions, Tony Nwulu on Tuesday said the House would probe into the recent takeover of Skye Bank Plc in the ongoing probe of insurance companies and banks in Nigeria.
Nwulu who spoke to journalists on why the probe was stalled on Tuesday said “we were on recess when the bank was taken over but now that we are back we’ll look into the matter.
The committee had scheduled to continue the probe of Insurance companies and banks to hold on Tuesday, immediately after the recess but the untimely death of a member made the committee to reschedule the probe till next week Wednesday.
Nwulu explained that “we had to reschedule the probe because we are mourning a member but all those that we invited must show up by next week Wednesday.
“As you are aware we have been on this matter for some time now and we intend to reach the bottom as there is too much corporate mis-governance in the sector.
Asked what led to the investigation, Nwulu noted that “there have been several public outcry by shareholders over corporate mis-governance by most plcs, where allegations of several fraudulent activities by management of these firms”.
“This is an industry-wide exercise we’re trying to carry out in order to wipe off all of that and also restore and boost confidence so that when investors are investing, they would have to be sure that yes they are investing in a company that’s healthy.
“Not a company that over time has issues where people don’t even know what happens to their shares anymore and you find out that the CEO is living large while investors lose money”, he said.
Recall that the sub committee had summoned well over 100companies to make available their management letters and other vital documents to help in probing companies involved in unwholesome practices.
Nwulu had in May told newsmen that “what we requested from the companies are their corporate governance status, assets valuation and other vital documents crucial in investigating the allegations.
“This is just to ensure that they are in compliance with the extant laws but some of the companies are already scared.
“Before this exercise we got clearance from the apex regulatory body, the Security and Exchange Commission, (SEC) as the sole aim is to restore investors’ confidence in the Nigerian Capital Market.
“The truth of the matter is that those hiding for now may have every cause to regret because there is no hiding place for them.

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