By Opeyemi Issa InvestAdvocate
Lagos (INVESTADVOCATE)-The Board of Nigeria’s Securities and Exchange Commission (SEC) Monday ordered an investigation to all issues raised during the Capital Market Public Hearing.
This is contained in Statement by Edosa Aigbekan, Secretary to the Commission on behalf of the Board of the Commission and made available to www.investadvocateng.com.
“The Board of the Securities and Exchange Commission at its 64th Meeting held on Monday 26th March, 2012 deliberated on issues arising from the public hearing on the capital market, conducted by the House of Representatives Committee on Capital Market and other Institutions. At the end of its deliberations, the Board directed its Audit and Finance Committee to investigate all the issues raised during the public hearing†the Statement said.
According to the Statement, the Board of Nigeria’s SEC appeals to the general public to exercise some restraint in their comments in order to allow the various authorities to complete their investigations. “The Securities and Exchange Commission remains committed to protecting the investor and maintaining the highest levels of Market Integrity†the Commission said.
This is coming on the heels of a public hearing which commenced March 13 2012 by the House of Representatives Committee on Capital Market and other Institutions; which the Committee affirmed is in Pursuant to its Resolution (HR. 103/2011) of Votes and Proceedings of Wednesday, 14th December, 2011, which will mandate the Committee on Capital Market and Other Institutions to conduct a Public Hearing on the Resolution.
Arunma Oteh, Director General (DG) of Nigeria’s SEC fired back at Lawmakers who probed and accused her of abusing her office and embarking on reckless spending.
Oteh on March 15 2012 said the Lawmakers are not happy with her because she turned down their request for a N44 million bribe.
According to oteh, the Lawmakers initially requested for N39 million to pay for the cost of the ongoing public hearing, but her refusal led to Hembe’s request for N5 million; coupled with SEC sponsoring a foreign trip for members of the committee, and paying them estacodes.
Following this development on March 20 2012, Hemba, Chairman House Committee on Capital Market stepped down as Chairman of the Committee, in order to properly defend allegations of bribery allegations and to subsequently clear his name.
As a Result of Hembe’s stepping aside, an ad hoc Committee was subsequently set up and constituted to continue the probe, this Committee is headed by Ibrahim El-Sudi of Taraba State and have been given three weeks (21 days) to present its findings.
