On December 3, 2017, Minister of Finance Mrs. Kemi Adeosun sacked the Director General, Securities and Exchange Commission (SEC) Mr. Mounir Gwarzo, over alleged misconduct and abuse of office. However, industry watchers accuse the minister of sacking Gwarzo over his interventions in Oando Plc.
The SEC under Gwarzo had technically suspended Oando’s shares over alleged market infractions and set up a panel to investigate Oando. A consultant Delloit was appointed to audit of Oando’s operations. Oando and some shareholders would later go to court. They eventually withdrew the court cases to allow for the audit that has still not been completed.
Credible sources told Daily Trust correspondent that the minister wasn’t happy about the confusion and wouldn’t take any excuse hence the sack of Dr. Zubair. But following two interventions in SEC in five months, industry watchers are worried over the independence of the commission as a regulator.
Commenting, Mr. Kasimu Garba Kurfi, MD/CEO Apt Securities and Funds Limited, said “the intervention is good to ensure foreign investors’ confidence. The sudden removal, suspension and restoring within the short span however raised doubt on the integrity and confidence of the authority of the exchange. The recent intervention is in good faith by the minister,” he noted.
Daily Trust, April 16, 2018
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