SEC insists on forensic exercise on Oando Plc

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House of Representatives on Tuesday resolved to probe all allegations of corruption in the Security and Exchange Commission, SEC which led to the suspension of its Director-General, Munir Gwarzo by the Minister of Finance, Kemi Adeosun.

While passing it's motion, the House directed that status quo be maintained until the outcome of the investigation to be carried out by the House of Representatives Committee on Capital Market and Institutions within two weeks.

The position statement, which was confirmed by Comrade Isaac Ojemhenka, General Secretary, ASCSN, stated that the sponsored report about Oando Plc forensic audit as being responsible for Mr. Gwarzo suspension was a deliberate and diversionary tactic to divert the public attention away from the weighty allegations bothering on corruption.

He, therefore, urged the House to investigate the matter to ascertain the true situation in the commission.

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"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".

Contributing to the motion, Hon.

In his contribution, Toby Okechukwu (PDP, Enugu) said a thorough investigation is necessary in order to forestall the ugly past experience that led to the stock market crisis in the past.

According to him, with the Capital Market, being very sensitive and thriving on integrity it is extremely important that Gwarzo clears his name from the allegations for the objective of integrity. The Nigerian people should be told why the infractions of Oando will be swept under the carpet.

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Mr. Keyamo also said the investigation should show whether or not Mr. Gwarzo awarded contracts to companies such as Outbound Investment Limited, Northwind Environmental Services Micro-Technologies Nigeria Limited, in which he and his cronies are directors and shareholders.

Soon after the news of the DG's suspension broke, a group, Oando Shareholders Solidarity Group (OSSG) has called for the sack of Kemi Adeosun, the Minister of Finance.

Also speaking, Hon. Sanni Kaita (Katsina State) said that the Commission was too sensitive and important to be left be unattended.

In his remarks, Sani Kaita (APC, Katsina) pointed out that SEC is a very sensitive and very important organisation to Nigeria and the worldwide community and the House should be involved in the investigation of the issues. "Should we allow the investigation to go on without knowing what happened?" "The right thing has been done by the government and we support the action taken", said Ojemhenke.

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