Reps query timing of Gwarzo's suspension, resolve to probe saga

Reps query timing of Gwarzo's suspension, resolve to probe saga

The House of Representatives on Tuesday resolved to intervene in the current scandal rocking the Securities and Exchange Commission, SEC.

The SEC, which recently directed a technical suspension of Oando shares on the stock market, was set to commence a forensic audit of the oil firm when Mr. Gwarzo was suspended.

Mrs Adeosun had on Wednesday, November 29, suspended Mr Gwarzo as well as two management staff of the SEC, Mr Abdulsalam Naif Habu, Head of Media Division; and Mrs Anastasia Omozele Braimoh, Head of Legal Department for alleged involvement in financial impropriety. This is important to enable the administrative panel of inquiry investigate and determine the culpability of Mr. Gwarzo and his cohorts.

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The union claimed they do not believe Gwarzo was suspended on account of SEC's forensic audit of Oando Plc, and that such claims were deliberate tactics to divert public attention from the allegations of corrupt practices levelled against the suspended director general.

Douye explained that the conflict had allegedly lingered for several months between the Ministry of Finance and SEC but the matter of disagreement brought it into public domain.

"For the past two years, Mr Gwarzo has fought the labour union in SEC and did everything possible to obliterate the union to enable him have free chance, without any checks".

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He said the issue of his suspension from office was very clear and that it bothered on "serious breach of the rules governing parastatals of government".

OSDG South-South Coordinator, Mr Clement Ebitimi, who made the call on behalf of the group, alleged that the minister gave Gwarzo the boot because he refused to follow her instruction to stop the forensic audit of Oando Plc.

"Worried that due to the non compliance of the interim managing Director/CEO of TCN of the changes to the PMU will not only affect the future projects but may also impact negatively on the implementation of the ongoing projects, i.e the US$300 million Nigeria Electricity and Gas Improvement Project (NEGIP) technical assistance activities in NEGIP to support the power sector recovery programme".

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"The union appeals to his Excellency, President and Commander in Chief of the Federal Republic of Nigeria, Muhammadu Buhari to as a matter of urgency constitute the board of the SEC".

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