Minister Of Finance Clears Waves On Stories Surrounding Suspension Of DG SEC
Read Time:1 Minute, 36 Second
Minister of Finance, Kemi Adeosun has disclose that the suspension of Munir Gwozo as the Director General of the Securities and Exchange Commission was to protect the intergrity of the capital market and boost investors confidence.
Adeosun made the disclosure on Tuesday when she appeared before the House Committee on Capital Market and Institutions investigating the conflict between her and the suspended DG.
She dismissed allegations that he was suspended due to his decision to carry out a forensic audit of Oando plc explaining that Gwozo was suspended due to his dealing with two private companies, which she noted is in violation of the public service rules.
Mrs Adesoun further explained that Gwozo was suspended in accordance with the public service rule, insisting that suspension is in line with the Public Service Rules (PSRs) 03405 and 03406,
She added that Investment and Securities Act empowers the minister to act in absence of the board noting that in absence of the board, the minister has the power to suspend the Director General.
KEMI Adeosin,
Finance Minister.
Gabriel Christopher
Financal Legal Counsel
The embattled DG, Munir Gwozo however accused the Minister of interfering in the affairs of the Commission insisting that section 8 of the Investments and Securities Act, does not confer the Finance Minister with powers to suspend him.
He also said that interference by the minister of finance into the affairs of SEC has never happened in the history of the organisation.
Munir Gwarzo
Suspended SEC, DG
Mr James IGWE
Counsel to Gwarzo
In the meantime, the Chairman of the Committee on Capital Market and Institutions, Hon. Yusuf Tajudeen, assured that the Committee will rule fairly on the matter.
Hon. Yusuf Tajudeen,
Committee chairman.
The Investigative hearing was later adjourned indefinitely.
Receive Alerts on: Whatsapp: 08155131310
Twitter: @hotjist
Facebook: hotjist.com
Instagram: hotjist
Share your story with us: SMS: 08155131310
Whatsapp: 08155131310
Email: hotjist@outlook.com
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0