The House of Representatives has endorsed the suspension of the Director-General of the Securities and Exchange Commission, Mr. Munir Gwarzo, by the Minister of Finance, Mrs. Kemi Adeosun.
The House okayed the suspension after lawmakers on Wednesday considered and approved the recommendations of its Committee on Capital Market and Institutions.
The committee, which is chaired by a member from Kogi State, Mr. Tajudeen Yusuf, had investigated the dispute between the minister and Gwarzo over the controversial suspension of a forensic audit on Oando Plc.
SEC, under Gwarzo, was conducting the audit before his suspension last year.
There was an allegation of abuse of office by Gwarzo, including the approval of N104m severance package for himself while still in office, among others.
In its report, the House committee said Adeosun acted right by suspending the DG, adding that the minister complied with the 1999 Constitution and the Civil Service Rules.
The recommendations approved by the House on Wednesday, read in part, “That based on the constitutional provisions and other extant laws, as well as relevant provisions of the Public Service Rules cited and referred to, the suspension of Mr. Munir Gwarzo, the former director-general of the Securities and Exchange Commission by the Minister of Finance should stand.
“That based on the petitions by various stakeholders of Oando, the committee agreed to conduct investigation of Oando Plc.
“That based on the Public Service Rules and the Securities and Exchange Commission’s Staff Manual, the two (members of) staff of the Securities and Exchange Commission, Mrs. Anastacia O. Braimoh and Mr. Naif Abdulsalam, should be recalled from suspension and report to duty immediately.
“That the case of Mrs. Anastasia Braimoh and Mr. Naif Abdulsalam should be referred to the management of SEC for disciplinary action in accordance with the Securities and Exchange Commission’s Staff Manual.”
Meanwhile, at a separate session, the House Committee on Petroleum Resources (Upstream), summoned Adeosun and the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to explain the controversy surrounding the collection of weight and measures charges from the International Oil Companies.
They are to appear before the committee, which is headed by a member from Delta State, Mr. Victor Nwokolo, in company with the Director, Department of Petroleum Resources, Mr. Mordecai Ladan.
The House had ordered an investigation after some petitioners wrote to say that the Federal Government’s policy on metrology services in the upstream sector was being abused.
Issues being investigated include revenue payments and records of crude oil lifting by the IOCs from 2014 to date.
At the opening of the hearing in Abuja, Nwokolo stated that both the Ministry of Finance and the Ministry of Industry, Trade and Investment were reportedly collecting multiple levies from the IOCs.
Nwokolo noted, “Looking at this matter, without bias, there is no cohesion in government. Yes, the government is disengaging some service providers and engaging others.
“It is good, but you should also do it in good conscience.”
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