SEC crisis: Senate cautions FG against scaring investors away

By Ikechukwu Okaforadi

The senate has cautioned the federal government against taking actions that has the potentials to scare investors in the Nigerian Capital Market, warning that the regulators of the market should be allowed to do their jobs.
Speaking on the heels of the recent conflict between the Director General of the Nigerian Stock Exchange Commission (SEC), Munir Gwarzo, and the Minister of Finance, Kemi Adeosun, the chairman of the Senate committee on Capital Market, Bukar Mustapha, warned that the issue should be treated with caution.
He said the interest of the Senate is to ensure that the confidence of the investors is not affected negatively regarding their investment in the market, adding that the regulators should be allowed to implement their guidelines in the operation of the market.
“SEC is a regulator in the capital market, and what we want is to ensure that the confidence given by the regulator to the investors in the Nigerian capital market is something that must be maintained. And I am sure that government does not do things without reasons, so our job as legislators will be to find out what are these reasons”, he said.
Speaking further, Senator Bukar Mustapha said though many reasons have been reported in the news for the suspension of the SEC DG, the duty of the Senate committee is to go and find out what is the actual reason behind the conflict so as not to loose investors confidence in the market.
He maintained that the capital market is a very important arm of Nigerian economy, adding that the senate will not relent in resolving the crisis so that it does not drag on to the extent that it will affect the Nigerian capital market. He said the committee will look at the various issues raised and consider the recommendations so that the crisis does not repeat itself.
He recalled that there are two issues in the conflict, including the allegations that he was paying himself from the revenue and the issues of the Oando Oil saga.
He said the regulator has recommended that there should be a forensic audit, adding that the senate will wait for the House of Representative to conclude its investigation on the matter, pointing out that it is only when the senate is not satisfied with the work done by the committee of the House that it will further carry out investigation.