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Oando Crisis: Reps Probe Gwarzo’s Suspension by Minister

By Dipo Olowookere

An investigation has been launched into the circumstances surrounding the suspension of the Director-General of the Securities and Exchange Commission, Mr Mounir Gwarzo, by the Minister of Finance, Mrs Kemi Adeosun.

The regulatory chief was suspended last week for allegedly failing to stop a forensic audit of Oando Plc, accused of gross financial misconduct.

At the plenary on Tuesday, a lawmaker in the House of Representatives, Mr Diri Douye, called the attention of his colleagues to an alleged interference by the Ministry of Finance in the activities of the capital market regulator.

In his motion of urgent public importance, Mr Douye appealed to the green chamber to look into the matter so as not to send the wrong signal to investors.

Mrs Adeosun had on Wednesday, November 29, suspended Mr Gwarzo as well as two management staff of the SEC, Mr Abdulsalam Naif Habu, Head of Media Division; and Mrs Anastasia Omozele Braimoh, Head of Legal Department for alleged involvement in financial impropriety.

Later, Mr Abdul Zubair was appointed to head SEC in an acting capacity.

After deliberations at the lower parliament yesterday, the House of Representatives mandated its committee on Capital Market and Institutions to look into the matter.

The committee was given two weeks to conclude its assignment and report back to the House with its findings.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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