Reps orders reinstatement of SEC boss, to probe finance minister

OrderPaperToday – The House of Representatives has ordered an investigation into the allegations and counter allegations between the Minister of Finance, Kemi Adeosun and suspended Director General (DG) of the Security and Exchange Commission (SEC) Munir Gwarzo.

The House resolved that all status quo should be maintained while the committee on Capital Market and Securities conduct the investigation and report back in 2weeks.

The resolution followed a motion of urgent public importance moved by Diri Douye (PDP, Bayelsa).

While presenting the motion, Douye informed the House that the conflict between Adeosun and Gwarzo has led to the suspension of the later over Oando’s forensic audits and corruption allegations.

He noted that the suspension was followed with the setting up of an administrative panel of inquiry and appointment of an Acting DG by the Minister of Finance.

He added that “the conflict has allegedly lingered for several months between the Ministry of Finance and Securities and Exchange Commission but the matter of Oando brought the disagreement into the public domain.”

He further said that there appears to be a matter of interference by the ministry to obstruct justice in the case of Oando.

He said further that “the intervention by the House will put the matter into proper perspective and amicable resolutions of the conflict in order to protect the image of the Commission in the interest of both local and foreign investors.”

Also contributing on the motion, Tobi Okechukwu (PDP, Enugu) argued that the recent scandal rocking the SEC is like a repeat of investigation carried out by 7th assembly into the collapse of the capital market in 2008.

He said: “Mr. Speaker, you were in the committee that investigated the collapse of the capital market in 2008, and what we are seeing now is like a reminisce of the events that led to the collapse of the market.

“When you have the head of the regulator being ordered by the minister to drop an investigation into the audit of a company, then we have serious problem. This action has serious consequences for the capital market.”

Also supporting the motion, Ahmed Baba Keita (APC, Katsina) urged the House to support the motion, as he argued that the action has a potential to embarrass the President.

The Speaker put the question of the motion to vote, and the “ayes” had it.

 

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