{"id":4368,"date":"2017-12-08T10:14:15","date_gmt":"2017-12-08T17:14:15","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=4368"},"modified":"2017-12-08T10:16:42","modified_gmt":"2017-12-08T17:16:42","slug":"gwarzo-wants-erode-investors-confidence-nigeria-capital-market-kemi-adeosun","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/gwarzo-wants-erode-investors-confidence-nigeria-capital-market-kemi-adeosun\/","title":{"rendered":"Gwarzo wants to erode investors\u2019 confidence in Nigeria capital market – Kemi Adeosun"},"content":{"rendered":"
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December 8, 2017:\u00a0 The Minister of Finance, Mrs Kemi Adeosun, on Friday said no amount of blackmail by the suspended Director-General of the Securities and Exchange Commission, Mr Mounir Gwarzo, would make her stop the Administrative Panel of Inquiries probe of the embattled SEC DG.\u00a0 The minister said this during a chat with journalists at the ministry\u2019s headquarters in Abuja.<\/p>\n

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\u00a0Adeosun described as untrue, claims by the suspended DG, that she attempted to stop the forensic audit by SEC into the activities of Oando Plc.<\/div>\n<\/div>\n

She wondered why Gwarzo could resort to peddling falsehood when in fact he was given a right of fair hearing through an administrative query.\u00a0 Adeosun said that she decided to speak now to set the records straight, because the actions so far taken by Gwarzo since his suspension by the government is capable of eroding investors\u2019 confidence in the capital market.<\/p>\n

She described the allegations against Gwarzo as very weighty as the ministry is in possession of records that shows inconsistencies in the handling of the affairs of the commission by the suspended DG.<\/p>\n

Adeosun said,\u00a0 \u201cMr. Gwarzo has alleged that his suspension was due to his refusal to stop the forensic audit of Oando Plc.<\/p>\n

\u201cI would not have ordinarily responded in view of his responsibility for the approval of the Constitution and Terms of Reference for the Administrative Panel of Inquiry into the allegations against Mr. Gwarzo.<\/p>\n

\u201cHowever, given the degree of speculations and the potential impact on the capital market, there is a need to set the records straight as follows:<\/p>\n

\u201cThe integrity of the capital market is vital to the growth of the Nigerian economy and must be managed in an orderly and transparent manner to ensure investors\u2019 confidence. Its leadership must maintain and be seen to maintain the highest standards of integrity.<\/p>\n

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\u201cThat the original decision taken by SEC on October 20, 2017 to suspend the shares of Oando Plc and conduct a forensic audit, was approved and endorsed by the Federal Ministry of Finance.<\/p>\n

\u201cThe SEC team, led by Mr. Mounir presented adequate evidence to the minister of finance and her team, that Oando Plc had a clear case to answer with regard to infractions of the Investment and Securities Act.\u201d<\/p>\n

Agency Report<\/p>\n

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December 8, 2017:\u00a0 The Minister of Finance, Mrs Kemi Adeosun, on Friday said no amount of blackmail by the suspended Director-General of the Securities and Exchange Commission, Mr Mounir Gwarzo, would make her stop the Administrative Panel of Inquiries probe of the embattled SEC DG.\u00a0 The minister said this during a chat with journalists at […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[66],"tags":[],"yoast_head":"\nGwarzo wants to erode investors\u2019 confidence in Nigeria capital market - Kemi Adeosun<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerianews.ca\/gwarzo-wants-erode-investors-confidence-nigeria-capital-market-kemi-adeosun\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gwarzo wants to erode investors\u2019 confidence in Nigeria capital market - 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