SEC Vows To Conduct Forensic Audit on Oando

SEC Vows To Conduct Forensic Audit on Oando

The motion was unanimously adopted after it was put to a voice vote by the Speaker, Yakubu Dogara.

The suspension of the Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo is stirring up a lot of happenings.

Nigeria's Securities and Exchange Commission (SEC) plans to go ahead with a forensic audit of oil company Oando Plc, it said in a statement late Tuesday, despite the suspension of the commission's director, according to Reuters.

The SEC said it had sent a letter to Oando on Tuesday, informing the company of its decision to conduct the audit, which it has appointed accounting firm Deloitte to handle.

SEC also yesterday reiterated its decision to conduct a forensic exercise into the activities of Oando.

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Speaking on the matter today, Chairman, Senate Committee on Capital Market, Mr Mustapha Bukar, said the forensic audit of Oando must go on.

The statement from the Commission came on the heels of corruption allegation against three suspended staff, which are the former Director-General, Mounir Gwarzo, over N104 million severance package. Suspended alongside Mr. Gwarzo were two officials of the regulatory commission, Abdulsalam Habu, Head of Media Division, and Anastasia Braimoh, Head of Legal Department.

"While the Commission patiently awaits the outcome of the assignment of the Administrative Panel of Inquiry set up by the Honourable Minister of Finance, at no point will Management allow the operational independence of the Commission to be compromised. It worthy of note that the conflict has allegedly lingered for several months between Ministry of Finance and Securities and Exchange Commission but the matter of disagreement brought it into the public domain", Diri stated.

The lawmaker said. "There were allegations of interference by Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit matter, which was largely responsible for the DG's suspension". Nigerians should know why the DG was sacked.

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".

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