·Wants suspended DG to face investigative panel set up by minister
As the controversy over the suspension of the Director General of the Securities and Exchange Commission (SEC), Mr Munir Gwazo, continued to raise dust from different quotas, the Commission has insisted on carrying out a forensic exercise into the activities of Oando Plc.
Meanwhile, an inside source at the commission told The Daily Times on Tuesday that the suspended DG Gwazo should be bold enough to face the probe panel set to investigate him and stop sponsoring media reports with spurious excuses that he was suspended because he refused to stop the probe of Oando Plc.
The source disclosed that Gwarzo’s suspension has nothing to do with the forensic audit of Oando as allegedly claimed by him.
SEC had in a statement on Tuesday reiterated its decision to conduct a Forensic Exercise into the activities of Oando Plc; adding that the commitment is contained in a letter dated December 5, 2017 addressed to Oando Plc.
But the commission has assured the general public of its zero tolerance to infractions in the Nigerian Capital Market.
The panel, set up to probe the suspended Director General , is set to invite nine firms alleged to have been used by him to siphon funds from the commission.
The report of the panel is expected to be sent to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) which is also investigating Gwarzo.
The firms include Outbound Investment Limited, Medusa Investment Limited, Northwind Environmental Services, Micro-Technologies Nigeria Limited, Tida International Limited, Outlook Communication, Acromac Nigeria Limited, Balfort International Limited and Interactive Worldwide Nigeria Limited.
According to some petitions against Gwarzo, some of the companies allegedly belong to him or his relatives.
The Daily Times recalls that the EFCC has begun investigating Gwarzo, his wife and other cronies who allegedly used their companies to carry out illegal transactions in SEC.
In one of the petitions, it was alleged that one of the companies, Outbound Investment Limited, is owned by the suspended SEC boss while another firm, Medusa Investment Limited, is jointly owned by Gwarzo and his wife, Khadija.
The petition reads in part, “Mr. Gwarzo and two of his relatives are directors of Outbound Investment Limited. Since Mr. Gwarzo assumed office as the DG of the commission, the company has been the sole supplier of diesel to the commission.
“The company has also supplied air conditioners to the Lagos zonal office of the commission as well as supplied fridges to the commission. Payments made by the commission to the company for contracts executed can be verified from the company’s bank account held with account number 1016723428.
“Mr. Gwarzo is also the director of Medusa Investment Limited. The only other director of the company is Khadija Mustapher, his wife. The company has actively been used to carry out illegal transactions through the company’s bank account with Guaranty Trust Bank with number 0023953920.”
Gwarzo, who has served two years, six months as SEC DG, was suspended by the Minister of Finance, Mrs Kemi Adeosun over allegations of financial misappropriation.
Mathew Dadiya, Abuja