Reps demand recall of suspended SEC DG


By Patience Danjuma 

The last may not have been heard of the crisis rocking Oando Plc as the House of Representatives on Tuesday resolved that the suspended Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo should be recalled.

The House also resolved to probe the ongoing conflict between the Minister of Finance, Kemi Adeosun, and the suspended SEC DG over the minister’s alleged meddling in SEC’s forensic audit of the embattled oil company.   

Newspapers reported on Monday that Adeosun unearthed a previous petition against Mounir Gwarzo and suspended him as the Director-General of SEC because he demanded to be served in writing with her order to stop SEC’s forensic audit of Oando Plc.

Deliberating and adopting a motion by Rep Diri Douye (PDP, Bayelsa), the House said it was curious that Gwarzo’s suspension came at a time the commission was about to conduct a forensic audit of Oando.

The motion was titled “The need to intervene in the ongoing conflict between finance minister and suspended SEC DG”. 

The House said the conflict has been lingering for several months and that there are allegations of interference by the finance ministry in the discharge of SEC’s functions.

The House intervention will put the matter into proper perspective, Douye said.

“In order to protect the market, the House resolves that the committee on capital markets and institutions should investigate all the allegations and report back in two weeks.

“The two parties should maintain status quo until the outcome of the committee’s investigation,” he said. 

The motion was unanimously adopted.  

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