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Reps order probe of finance minister, Gwarzo's controversy

Reps order probe of finance minister, Gwarzo's controversy”

Fears that the suspension of Munir Gwarzo, Director-General of the Securities and Exchange Commission (SEC), would derail the probe of Oando's alleged grievous infractions, have been eased as the commission has written a fresh letter to the oil firm notifying it of upcoming forensic audit.

The letter of notice sent to Oando indicates that the audit will begin today, the 6th of December.

The statement from the Commission came on the heels of corruption allegation against three suspended staff, which are the former Director-General, Mounir Gwarzo, over N104 million severance package.

Funds missing under his watch so far runs into billions preliminary investigation, has shown unofficially. "Nothing less than a total inquiry into what happened in SEC is what is required and not only why the DG was suspended".

"Accordingly, the Commission is poised to continue to ensuring the stability of the Nigerian capital market and sustaining the all-time high level of investor confidence, as recent developments will not be allowed to disrupt the regulatory effectiveness and efficiency of the Commission as the statutory regulator of the capital market and by extension, the smooth running of the market".

A letter circulating in the media indicated that, Adeosun had in a meeting with the SEC boss on November 27, 2017, verbally instructed Gwarzo to discontinue the Oando probe, which he apparently objected to.

"The conflict has allegedly lingered for several months between the Ministry of Finance and the Securities and Exchange Commission, but the matter of Oando disagreement brought it into public domain".

The presiding judge, Mohammed Aikawa, struck out the case on the grounds that the court lacked jurisdiction over the matter.

"That the Commission is not aware of the existence of any valid or subsisting Order of Court restraining the Commission from proceeding with the Forensic Audit".

"While we acknowledge that a Notice of Appeal has been filed to challenge the judgment of the Federal High Court, this notice does not serve as an Order of Court restraining the Commission from conducting the exercise".

Oando plc has in recent weeks been at the centre of controversies following the technical suspension placed on its shares by the Nigerian Stock Exchange, NSE.

Effort to get Oando's spokesperson, Alero Balogun to hint at the company's next line of action did not yield result as he was said to be in a management meeting up to the time of filing this report. Volpi reportedly gave Oando the sum of $900m to effect the deal, while Mangal reportedly contributed $250m.

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