SEC Commences Fresh Forensic Audit On OANDO Plc

SEC Commences Fresh Forensic Audit On OANDO Plc

SEC Vows To Conduct Forensic Audit on Oando

In a statement by Head of Corporate Communications, Securities and Exchange Commission (SEC), Bagudu Waziri, the apex capital market regulator assured the general public of its zero tolerance to infractions in the Nigerian capital market.

Nigeria's House of Representatives has mandated it's committee on capital market and institutions to investigate all allegations on the conflict between the Minister Of Finance, Kemi Adeosun and the suspended Director General, Securities and Exchange Commission, Sec, Munir Gwarzo Over Oando's Forensic Audit and corruption allegations.

Also suspended are two management staff of the Commission - Head of Media Division, Mr. Abdulsalam Naif Habu and Head of Legal Department, Mrs. Anastasia Omozele Braimoh - who have been alleged to be fronts of the suspended DG.

Lawmakers on Tuesday opened an investigation into Gwarzo's suspension, pledging to look into whether the ministry had interfered with the SEC's work, particularly issues related to the forensic audit of Oando.

While raising the motion, Mr. Duoye said conflict has lingered for several months between the ministry of finance and SEC but the matter of Oando brought it into public domain. Toby Okechukwu (Enugu State) said that the rot SEC apparently contributed to the collapse of the capital market in Nigeria.

The Commission had in a statement while announcing the appointment of Dr. Abdul Zubair as the acting DG SEC by the Federal Government said: "In view of the foregoing, the SEC Nigeria, wishes to assure the investing public and all stakeholders, local and global, of its commitment to ensuring the uninterrupted and orderly operation of the market and the regulation thereof". Nigerians should know why the minister can not be investigated.

Also speaking, Hon. Sanni Kaita (Katsina State) said that the Commission was too sensitive and important to be left be unattended. "Should we allow the investigation to go on without knowing what happened?"

Oando has repeatedly denied allegations that formed the basis of the two petitions that triggered SEC's investigation and the leading oil and gas company had insisted that where infractions had been committed, they did not warrant the call for forensic audit in line with extant rules and guidelines at the capital market.

The decision followed a motion titled "Transmission Company of Nigeria Management and the Future of the Electric Power Sector Reforms in Nigeria: The Urgent Need to Facilitate Swift Action in the Management of TCN Through Investigation" sponsored by Hon.

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