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 worldwide, of its commitment to ensuring the uninterrupted and orderly operation of the market and the regulation thereof". The motion was entitled "The need to intervene in the ongoing conflict between finance minister and suspended SEC DG".
The Nigerian Senate has thrown its full weight behind the forensic audit of Oando Plc, a leading oil firm in the country.
"We will also investigate the link between the suspension of the DG and the Oando issue", the lawmaker said when asked about the matter.
In a letter to Oando, the Commission stated that it remains committed to the thorough investigation of the allegations against the indigenous oil and gas company.
It set up an administrative panel to investigate the charges, including a claim that Gwarzo was paid 104.85 million naira as a severance package while he was still in office, the finance ministry has said. "Nothing less than a total inquiry into what happened in SEC is what is required and not only why the DG was suspended".
"What is happening in SEC is symptomatic of the collapse of capital 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 House of Representatives yesterday directed the Minister of Finance, Kemi Adeosun to reinstate the suspended Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo.
The letter, seen by PREMIUM TIMES, said the commission is aware that a suit seeking to restrict it from conducting the audit had been struck out.
The commission's commitment to continue with the forensic audit was contained in a letter dated December 5, 2017 addressed to Oando Plc.
However, it lost this bid at the court because the presiding judge, Justice Mohammed Aikawa, threw out the case for lack of jurisdiction, advising Oando to take the matter to an Investment and Securities Tribunal (IST), which has the powers to hear disputes arising from the capital market.
Oando, which bought ConocoPhillips' Nigerian business for $1.65 billion in 2014, had gone to court to challenge the suspension of its shares by the SEC.
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.