Reps to investigate suspension of SEC DG

THE House of Representatives, on Tuesday, resolved to investigate the controversy surrounding the suspension of the Director-General of Securities and Exchange Commission (SEC), Munir Gwarzo, by the Minister of Finance, Kemi Adeosun.

The House, therefore, mandated its committee on Capital Market and other institutions to carry out the investigation and report back within two weeks.

It also directed all parties to maintain status quo pending the outcome of the investigation of the House.

The House resolution followed a motion of urgent public importance sponsored by Honourable Diri Douye.

The Director-General, it will be recalled, was suspended by the minister over allegations that he paid himself N104 million as severance package as a commissioner in SEC in 2015.

Also suspended alongside the DG were the Head of the Media Division, Abdulsalam Naif and the Head of Legal Department, Anastasia Braimoh.

The lawmaker, while moving the motion, said “the conflict has allegedly lingered for several months between the ministry of Finance and SEC, but the matter of Oando disagreement has brought it into public domain.

“The intervention by the House will put the matter in proper perspective and an amicable resolution of the conflict in order to protect the image of the Securities and Exchange Commission in the interest of both local and foreign investors,” he stated.

Most of the lawmakers that spoke said there was the need for investigation in order to get to the root of the matter.

The motion was supported when the Speaker, Honourable Yakubu Dogara, put it to voice vote.

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