By Joshua Egbodo
House of Representatives has resolved to intervene in the lingering conflict between Minister of Finance, Kemi Adeosun, and the Director-General of the Securities and Exchange Commission (SEC), Munir Gwarzo.
Consequently, it has directed its Committee on Capital Market & Institutions to investigate all allegations surrounding the matter and report back within two weeks.
It further directed all parties involved to maintain the status quo, pending the outcome of the investigation.
There reports of disagreement between the SEC boss and Adeosun over insistence of the Commission to carry out a forensic audit of Oando, against the reported directive against the move.
A member of the House of Representatives, Hon. Diri Douye, had, in a motion under matters of urgent public importance, yesterday said the conflict had led to the suspension of the DG, SEC alongside the Head, Legal Department and Head Media on November 29, 2017.
It added that an Administrative Panel of Inquiry and appointment had been set up, and an Acting DG appointed by the Minister of Finance to oversee the management of SEC “while the investigation lasts.”
According to him, the conflict has “allegedly lingered for several months between Ministry of Finance and Securities and Exchange Commission, but the matter of disagreement brought it into the public domain.”
He said there were allegations of interference by the Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit, which was reported to be largely responsible for the DG’s suspension.
He noted that the intervention by the House would put the matter into proper perspectives, and amicable resolution.
Members, including Hon. Tobi Okechukwu and Karimi Sunday, in their separate contributions, said SEC as the apex regulator of the capital market must not be seen to be in such crisis, as same “will sent a wrong signal to both local and foreign investors, expressing support for an urgent intervention of the House.”