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Published On: Wed, Dec 6th, 2017

Reps to probe suspension of SEC DG, 2 others

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Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo

The Director General, Securities and Exchange Commission, SEC, Mounir Gwarzo

By Umar Muhammad Puma

The House of Representatives said it will investigate all allegations of corruption in the Security and Exchange Commission, SEC which led to the suspension of its Director-General, Munir Gwazo by the Minister of Finance, Kemi Adeosun.
To this end, the House has asked the parties in the matter to maintain status quo pending the outcome of the investigation.
The resolution was sequel to a motion raised under Matters of Urgent Public Importance titled “Need to intervene on the conflict between Minister of Finance and the Suspended Director-General, Security and Exchange Commission”, sponsored by Hon. Diri Douye representing Yenagoa/Kolokuma/Opokuma of Bayelsa State
Douye in the motion canvassed that there were allegations of interference by the ministry of finance in the discharge of responsibility by SEC particularly the Oando Forensic Audit Matter which was largely responsible for the DG’s suspension.
He called the House to investigate the matter to ascertain the through situation in the Commission.
He said: “The House notes the conflict between Minister of Finance, Kemi Adeosun and the suspended Director-General, Security and Exchange Commission, SEC, Munir Gwazo over Oando’s Forensic Audit and corruption allegations
“Still notes that the conflict has led to the suspension of the DG, SEC, alongside Head, legal Department and Head, Media on the 29th November, 2017. It has also led to the setup of an Administrative Panel of Inquiry and appointment of Ag DG by the Minister of Finance
“Equally notes that the conflict has been allegedly lingered for several months between Ministry of Finance and Securities and Exchange Commission but the matter of Oando disagreement brought it into public domain.
“Also observes that the intervention by the House will put the matter into proper perspective and amicable resolution of the conflict in order to protect the image of the security and exchange commission in the interest of both local and foreign investors.”
Contributing to the motion, Rep Toby Okechukwu (PDP Enugu) said that the rot SEC apparently contributed to the collapse of the capital market in Nigeria.
“What is happening in SEC is symptomatic of the collapse of capital market. I wouldn’t know why infractions should be swept under the carpet. The Nigerian people should be told why the infractions of Oando will be swept under the carpet. Nigerians should know why the minister cannot be investigated. Nigerians should know why the DG was sacked. A total panel of inquiry is needed in SEC”, he said
Also speaking, Rep Sani Kaita (APC Katsina) said that the Commission was too sensitive and important to be left be unattended.
“SEC is very sensitive and very important to Nigeria and international community. Should we allow the investigation to go on without knowing what happened?”
Securing the nod of the House when the motion was put to a voice vote, the presiding officer, Speaker Yakubu Dogara adhered to its prayer of mandating the Committee on Capital Market and Institutions to investigate all allegations and report to the House within two weeks.

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