Allegation of Corruption: Nigeria Reps To Investigate Suspended SEC Boss
Adetokunbo Fakeye
Abuja, Nigeria Dec. 5, 2017 (AltAfrika)-Nigerian lower legislative chamber, the House of Representatives on Tuesday passed a resolution to investigate allegation of corruption levelled against the suspended Director-General of Securities and Exchange Commission (SEC), Mr Munir Gwazo by the Minister of Finance, Mrs Kemi Adeosun.
The resolution followed a motion under Matters of Urgent Public Importance moved by Rep. Diri Douye on the floor of the House.
Rep. Douye alerted the House that there was the need for the chamber to intervene in the conflict between Minister of Finance and suspended Director-General, Securities and Exchange Commission.’
According to the Rep. there were allegations of interference by the Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit matter which was largely responsible for Gwarzo’s suspension and that this had led to constitution of Administrative Panel of Inquiry and appointment of acting SEC Director-General by minister of finance.
Duoye said: “there were allegations of interference by Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit matter, which was largely responsible for the DG’s suspension.
“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.”
He, therefore, urged the House to investigate the matter to ascertain the true situation in the commission.
According to the Rep. there were allegations of interference by the Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit matter which was largely responsible for Gwarzo’s suspension and that this had led to constitution of Administrative Panel of Inquiry and appointment of acting SEC Director-General by minister of finance.
Duoye said: “there were allegations of interference by Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit matter, which was largely responsible for the DG’s suspension.
“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.”
He, therefore, urged the House to investigate the matter to ascertain the true situation in the commission.
Rep. Sanni Kaita in his contribution said that the commission was too sensitive and important to be left unattended to.
“SEC is very sensitive and very important to Nigeria and the international community. Should we allow the investigation to go on without knowing what happened?” he asked.
Rep. Toby Okechukwu said the rot in SEC 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 would be swept under the carpet. Nigerians should know why the minister could not be investigated.
“Nigerians should know why the SEC DG was suspended. A total panel of inquiry is needed in SEC”, he said.
The motion was unanimously adopted by members when it was put to a voice vote by the Rt. Hon. Speaker of the House, Yakubu Dogara who immediately mandated the Committee on Capital Market and Institutions to investigate all allegations.
The committee was asked to report findings to the House within two weeks for further legislative action.
“SEC is very sensitive and very important to Nigeria and the international community. Should we allow the investigation to go on without knowing what happened?” he asked.
Rep. Toby Okechukwu said the rot in SEC 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 would be swept under the carpet. Nigerians should know why the minister could not be investigated.
“Nigerians should know why the SEC DG was suspended. A total panel of inquiry is needed in SEC”, he said.
The motion was unanimously adopted by members when it was put to a voice vote by the Rt. Hon. Speaker of the House, Yakubu Dogara who immediately mandated the Committee on Capital Market and Institutions to investigate all allegations.
The committee was asked to report findings to the House within two weeks for further legislative action.
