The House of Representatives at its plenary on Tuesday 5th December unanimously resolved to probe the alleged financial impropriety in the Securities and Exchange Commission (SEC) that led to the suspension of its Director-General, Mr Munir Gwarzo by the Minister of Finance, Mrs Kemi Adeosun. It also mandated its Committee on Capital Markets and Institutions to investigate allegations of conflict between the Minister of Finance and the suspended Director-General and report its findings within 2 weeks for further action.
Presenting the motion under matters of urgent public importance, Hon. Diri Douye (PDP: Bayelsa) stated that there were allegations that the interference by the Ministry of Finance in the discharge of responsibilities by the Securities and Exchange Commission in an Oando forensic Audit matter was largely responsible for the D-G’s suspension. Speaking further, he stated that the conflict eventually led to the setting up of an Administrative Panel of Inquiry and the appointment of acting Director-General of SEC by the Minister of Finance, Mrs Kemi Adeosun. The lawmaker therefore called for the House to investigate the circumstances that led to the Director General’s suspension and ascertain the true situation of the Commission to protect the image of the SEC in the interest of local and foreign investors.
Speaking on the matter, Hon. Toby Okechukwu stated that the rot in the SEC had contributed to the collapse of the capital market in Nigeria. He called for the House to investigate the matter as Nigerians had the right to know why the DG of SEC was suspended. He also urged that any alleged infractions by Oando should not be swept under the Carpet” and for a panel of inquiry investigate. Also contributing to the motion, Hon. Sanni Kaita (APC:Katsina) was of the view that it was important to conduct the probe as the SEC was important to Nigeria and the international community. The House also urged all parties to maintain their status quo pending the outcome of its investigation.
