Tag: DG

  • Reps threaten to order arrest of NEMA DG for shunning invitations

    The House of Representatives Committee on Emergency and Disaster Preparedness has directed the Central Bank of Nigeria (CBN), the office of the Accountant General of the Federation, the ministry of Finance and other relevant parties to furnish the committee with all transaction details of N5. 6 billion funds released to four companies in relation to the Emergency Food Programme in the North East.

    The committee made this demand after another investigative session on the alleged breach of trust by National Emergency Management Agency (NEMA) at the National Assembly.

    According to the committee, the documents are to guide the panel to uncover the mystery surrounding the release of funds and to establish whether it was given to the companies as a loan or under whatever condition.

    The decision to ask for the documents arose when beneficiaries of the contract to mop up grains, which were said to have been distributed in the North East, and the accountant general of the federation said they were selected for the job without asking for a loan to finance it from the CBN, while the Central Bank, on the other hand, insisted that the N5.6 billion was a loan.

    Chairman of the committee, Hon Ali Isa J.C, also summoned the director general of NEMA to appear in its next sitting or face a warrant of arrest issued on him to compel him to appear.

    This is the third consecutive time the DG is failing to attend the hearing despite repeated invitations from the committee.

    Hon Ali said the agency has a penchant for sending notice of its DG’s absence from the meeting either 30 minutes before the hearing commences or when the hearing has already commenced.

    He added that the panel will give him one more chance to appear on the 31st of May, 2018, or face sanctions.

  • NEMA DG, Maihaja, paid N400m demurrage to clear N414.8m Chinese rice donation

    The National Emergency Management Agency (NEMA) paid a whopping sum of N400 million in demurrage to clear rice donated by the Chinese government for distribution to Internally Displaced Persons (IDPs) in the North East which is valued at N414 million, the Director General of the agency Mustapha Yunusa Maihaja, has said.

    Documents submitted to the committee by the ministry of finance dated July 20, 2017 indicates that the total quantity of the rice is 6,779 metric tonnes valued at N414.8 million while the federal ministry of agriculture paid another sum of N272.5 million as duty.

    However, the figure of N400 million excludes the cost of transporting the rice from the ports to the ware houses of the agency and further revealed that about half of the goods are still at the ports accumulating more demurrage.

    The House of Representatives Committee on Emergency and Disaster Preparedness has expressed dismay over the inefficient handling of the Chinese rice donations to internally displaced persons in the North East, saying the officials in charge did not discharge their functions well, leading to unnecessary spending of taxpayers’ money.

    The lawmakers were reacting to the presentations made by government agencies during its investigative hearing on breach of public trust by the National Emergency Management Agency on Wednesday.

    While making a presentation before the committee, representative of the Comptroller General of Nigeria Customs Service, Assistant Comptroller General Ekekezie Kaycee (T and T), said three batches of the Chinese rice donation arrived at the Nigerian port on the 9th of May, the second, 15th August, and the last, 11th September, 2017 respectively.

    She added that the value of the rice, which came in 151 containers in total, as stated on the bill of lading are as follows: 7, 405, 222 Yuan, 9, 219, 650 million Yuan and 11, 247, 973 Yuan, at an exchange rate of 46.2450 Naira to one Yuan.

    Altogether, she informed the committee, 3, 779 metric tonnes of the rice have been cleared, leaving a balance of 3000 metric tonnes. She identified the two companies that did the clearing as Global view nig ltd and Baltic Air and Maritime Services.

    Similarly, the representative of the minister of Budget and National Planning, Mr Iloma Simon, said while making a presentation before the committee that they procured waivers for the rice from the ministry of Finance at 3 separate times when the goods arrived at the port. His Agriculture ministry counterpart said, in his own summary, that the ministry paid for the clearing of the rice and provided warehouses for storage but is yet to receive any consignment as at today.

    In his summission, the director general of NEMA, Engr Mustapha Maihaja, said the agency could only start clearing when it received the bill of lading six months later.

    He added that due to the emergency situation, the agency relied on section 43 of its establishment Act and engaged Global View Logistics and Baltic Air and Maritime Services without following due process on procurement. The first clearance was done in January, 2018. He also added that the 110 containers of rice cleared have been taken to Borno and Yola.

    This disclosure enraged the lawmakers who were angry that the poor handling of the clearance of the rice led to a cost of N400 million taxpayers’ money on payment for demurrage.

  • New minimum wage will determine Corps members’ allowance – DG

    New minimum wage will determine Corps members’ allowance – DG

    The Director General, of the National Youth Service Corps (NYSC), Brig. Gen. Sulaiman Kazaure, says the increase in corps members monthly allowance would be determined by the new national minimum wage ”when it takes effect.”

    The official said this on Monday while fielding questions from journalists newsmen shortly after the swearing-in ceremony of the 2018 Batch ‘A’ corps members at the NYSC orientation camp in Kusalla, Karaye Local Government Area of Kano state.

    According to him, “our efforts to ensure that the monthly allowance of the corps members is increased have yielded a very good result following series of discussion with the Minister of Labour and Productivity, Chris Ngige.”

    Mr Kazaure added that the N18,800 paid to them is grossly inadequate to cater for their needs during the mandatory one year service to the nation.

    The federal government had set-up a committee to look into the upward review of the minimum wage which he said will also determine the increase of the corps members’ allowance.

    We have been assured that when the new minimum wage takes effect, also the corps members allowance will be reviewed upward,” Mr Kazaure assured.

    The NYSC DG also disclosed that 82,000 corps members were deployed nationwide for the 2018 Batch ‘A’ orientation course across various states except those with security challenges.

    In his remarks, the Kano State Governor, Abdullahi Ganduje, urged the corps members to shun all acts capable of denting the image of the scheme or which would sour their relationship with the camp officials.

    You are to be guided by the sense of duty and discipline at all times, that would undoubtedly lead you to succeed in your entire life,” Mr Ganduje said.

    Earlier in his welcome address, the NYSC Coordinator in Kano, Ladan Baba said no fewer than 2,487 corps members were registered in the camp, comprising 1,289 males and 1,198 females.

    Mr Baba added that the corps members since the beginning of the three-week orientation had been adapting to the various activities in the camp and have behaved well.

  • NIA Directors write Reps, insists Buhari’s newly appointed DG misfit, unqualified to led agency

    Some directors of the National Intelligence Agency (NIA) have written to the House of Representatives Committee on Security and National Intelligence to prevail on President Muhammadu Buhari to drop Ahmed Rufai Abubakar as the new director-general of the agency.

    Writing for and on behalf of Concerned Directors of the National Intelligence Agency, they used pseudo names such as E. O. Olanrewaju, Nelson Obiakor and Ahmed Sarki to protect their real identities.

    The directors, in an advertorial published in major national dailies on Thursday, described Abubakar as a misfit and unqualified for the post of DG of the NIA.

    Since his appointment a few weeks ago by the president, various allegations have come to light over Abubakar’s nationality and competence to head the NIA.

    Although the presidency came out stoutly at the weekend to defend the new NIA boss, the directors, in their letter to the House committee, said Abubakar failed to merit elevation to the rank of director and had retired from the service (NIA), but has now been appointed to come and preside over people who are not only his seniors in rank, but who fit into the order of precedence.

    They said since the inception of the agency 32 years ago, nobody below the rank of director had been appointed as head of the NIA.
    They warned that Abubakar’s appointment as DG would certainly set a dangerous precedent, with equally dangerous implications.
    They threatened that should Abubakar go ahead with his plans to sack all the directors of the agency, the country should expect massive leaks of intelligence to hostile countries.

    They told the lawmakers that the Clandestine Operations Unit of the NIA had been ordered to manufacture and clone documents that could be used to defend Abubakar, who from all indications was facing a legitimacy crisis.

    They urged the committee to, in the interest of national unity, the federal character principle as enshrined in the constitution, fairness, justice, or even for common sense, prevail on the president to drop Abubakar as the DG of the NIA in the face of the obvious odds against his appointment.

    Coupled with this fact, it is an aberration to thrust the headship of Nigeria’s most sensitive security and intelligence organisation in the hands of people from the same ethnic stock, state and even town.

    In a country of over 200 million people, we feel it was not only highly contemptuous but dangerous,” they added.
    Quoting Professor Itsey Sagay (SAN), the directors said they were indeed uncomfortable with Abubakar’s appointment.
    They said: “Already, the nation is in a precarious security condition, and further penetration by hostile intelligence services could portend an even greater danger.

    It is very unlikely that we will be insulated from penetration if we are treated as renegades after putting in our best for the country.”

    The directors noted that they were aware that part of the new DG’s agenda was to retire those of them who were once his seniors, because he was unlikely to want to work with them.

    It is evident that he will pursue a vendetta mission, which he has already indicated in his very first address to us.

    While we wish to state that he is at liberty to go ahead with what we know he intends to do, we wish to point out the underlying dangers in a massive purge of senior officers of the agency, to the effect that, not only will the millions of dollars spent on training and retraining us be lost, we are also custodians of the country’s intelligence dossiers and may decide to use same for mischief,” they warned.

    The directors also alerted the nation to what they described as “an imminent threat to the cohesion for which the NIA has been known, as this is the first time a director-general was picked from the rank below that of a director”.

    They warned that the nation’s security would likely become precarious under Abubakar whose link to Chad was investigated by the intelligence agency.

    In the event that Ahmed Rufai Abubakar finds it difficult to work with those of us who are still in service and who have better credentials, the choice left to the authorities is to revert to the status quo and allow a serving director who understands the dynamics to continue.

    Having failed promotion examinations to the directorship rank, which we can attest to, we make bold to state that it amounts to administrative suicide to allow a practical misfit take over the agency and later mortgage same to his paymasters, who have ulterior motives,” they stated.

    The directors maintained that since the federal government itself had admitted that Abubakar was born and bred in Chad, “while on the other hand he claimed to have been born in Nigeria; at least going by his records and his CV, suffice it to point out that there is an obvious contradiction”.

    They therefore called on the House to thoroughly look into this seeming discrepancy.
    “As insiders, we are in a position to state that the process of vetting in respect of the new NIA DG negates conventional practice, as nobody has visited Chad where he claims to have grown up and schooled to probe into his differential associates, or even his likely espionage roles,” they added.

    They explained that the rule requires that anybody being considered for such a strategic position must be vetted from the cradle.
    “It is an incontrovertible fact that Rufai Abubakar’s links with Chad, a country with likely rival interest with Nigeria, makes Rufai suspect and not fit to head the country’s elite intelligence agency.

    It is necessary for us to alert that the issue of likely doubtful loyalty, is a serious issue in intelligence corridors. Where a person’s nationality or that of his spouse becomes unclear, thorough vetting from the cradle becomes even more demanding.
    “In this case, it is very dangerous that the vetting process has been compromised, which is an ominous danger to the nation’s security,” they said.

    The directors also said that it had become necessary to investigate the activities of the presidential panel under the leadership of Ambassador Babagana Kingibe and the current DG, noting that the panel was in the first place a contemptuous affront on the Office of the Vice-President.

    According to them, “It is unheard of for an officer with a lower rank being appointed to review the work of a higher officer; more so the vice-president of the country.

    It is very curious that paragraph 4(1) of the recommendations of the Kingibe panel prescribes that a serving director should be picked as the director-general, only for the same characters that sat in judgment over the need to reorganise the NIA, turning around to violate its own recommendations, by picking one of them to contemptuously assume duty as head of the NIA.

    It is very clear from the onset that the Presidential Review Panel (PRP) led by Ambassador Babagana Kingibe was inaugurated purposely to defend Ambassador Ayo Oke, who had often threatened to spill the beans when the chips were down, as he will not sink alone.
    “Oke had severally threatened to expose the beneficiaries of his largesse if they allowed him to be disgraced.

    The other obvious motive was to ensure that the remaining $44 million of the NIA intervention fund is kept within the reach of the cabal. The refusal of the immediate past acting DG, Muhammed Dauda, to allow them access to the money may be the under pinning reason for his removal.”

    They asked the House committee to demand from the Kingibe-led panel a copy of its report and that of the vice-president, and probe if there was any substantial divergence.

    As the conscience of our democratic quest, we request you to look passionately into the issues raised and observations from other quarters where you can see that merit, fairness, justice, equity and competence have been sacrificed (on a platter of selfish personal quest) by Ambassador Babagana Kingibe and his associates,” they said.

     

  • JUST IN: Administrative Panel recommends SEC DG’s dismissal from Public Service

    …Gwarzo regrets collection of credit card as director of Medusa Investments regrettable

    The Administrative Panel of Inquiry has recommended the dismissal of the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, from the Public Service of the Federal Government.

    The Panel also recommended that the suspended SEC director-general be referred to the Independent Corrupt Practices Commission for further investigation of the allegation of using his position to influence the award of contracts to Outbound Investments Limited.

    The report and recommendations of the API headed by the Permanent Secretary of the Federal Ministry of Finance, Mahmoud Isa-Dutse, were sighted by our correspondent.

    The Panel, in the report which has been submitted to the Minister of Finance, Kemi Adeosun, directed Gwarzo to refund the sum of N104,851,154.94 (one hundred and four million, eight hundred and fifty one thousand, one hundred and fifty four naira and ninety four kobo), being the severance package he approved and received.

    It noted that the holding of the position of the director-general of SEC, as well as a director in two private companies (Medusa Investment Limited and Outbound Investments Limited), was in breach of public service rule 030424, public service rule 030402 and Section 6 of the Investment and Securities Act, ISA 2007.

     

    Other recommendations by the Panel as stated in the report include –

     

    • Mr. Mounir Gwarzo should be referred to the ICPC for further investigation of the allegation of using his position as Director-General to influence the award of contracts to Outbound Investments Limited in view of the provisions of Sections 57 (12) (b) and 58 (5) of the Public Procurement Act, 2007;

     

    • Gwarzo should be dismissed from the Public Service of the Federal Government, in line with PSR 030402 (in relation to the allegation on Golden Handshake), having breached paragraphs 313 and 316(4) of the Financial Regulations (Government Notice No. 219 of 27th October, 2009)(engaging in extra budgetary expenditure without appropriate approval);

     

    • Should be discharged on the allegations of award of contracts to Medusa Investments Limited; award of contracts to other companies as mentioned in paragraph 5.1.1 and to which no relationship with Mr. Mounir H. Gwarzo was sufficiently established.

    The Panel, however, recommended that the cases of two management officers of the Commission – Mrs. Anastasia Omozele Braimoh and Mr. Abdulsalam Naif H. be referred to SEC for appropriate disciplinary action in line with the provisions of the Staff Manual of SEC.

    The Panel advised the Federal Government to re-orientate public servants to the very fact that the Public Service Rules and Financial Regulations are ground norms of every Government Service Contract, be it at the Federal, State or Local Government levels.

    It added, “Accordingly, all Government Extra-Ministerial Departments and Agencies should be made to understand that the PSR and FR are superior to whatever specific legislations and domestic arrangements that guide their operations, except when such issues were not covered by any provision of the PSR.”

  • New NIA DG did not fail qualification exams, not married to Moroccan – Presidency

    Sequel to widespread criticisms and specific allegations that greeted the appointment of Ahmed Rufai Abubakar as the new Director General of the National Intelligence Agency (NIA), the Presidency on Sunday reacted insisting that the allegations were misleading and baseless.

    There had been allegations that the new DG was unqualified for the position because he retired from the agency as an Assistant Director, because he failed promotion examinations twice, and had to quit.

    The Special Adviser to the President on Media and Publicity, Femi Adesina in a statement also denied claims that the new NIA DG was married to a Moroccan.

    According to the statement, the President appointed Abubakar because he had worked closely with him in the past two years.

    A lot of half-truths, misinformation, and outright falsehood have attended the announcement of a new Director-General for the National Intelligence Agency (NIA), in the person of Mr Ahmed Rufai Abubakar”

    Some of such unfounded stories include that Abubakar had retired from the services of NIA as an Assistant Director, because he failed promotion examinations twice, and had to quit, willy-nilly. Others claim he is married to a Moroccan, and so cannot hold such sensitive security position, while others say he was born and bred in Chad, and he holds dual nationality. All these have been widely disseminated on the social, and some mainstream media. With the formal assumption of office by Mr Abubakar, it is now necessary to set the facts straight”.

    The new NIA DG retired from Foreign Service as Deputy Director (not Assistant Director) and three times during his career, had won Merit Award for competence and meritorious service. Failing promotion examination can only exist in the fecund minds of fiction writers. His last position before the new appointment was as Senior Special Assistant to the President on Foreign Affairs/International Affairs where again he quietly proved himself”.

    Abubakar’s parents hailed from Katsina State, and had settled in Chad at a point in their lifetime. The new DG did his primary school in Ndjamena (then Fort-Lamy), but returned to Nigeria for his secondary and University education. He never at any time held Chadian nationality.

    Mr Abubakar’s only wife hails from Katsina State, indeed, from the same community as the husband. The story of being married to a Moroccan can only be tale by moonlight, concocted by people who love a fib”.

    The President appointed the new DG because he had worked closely with him in the past two years, and sincerely believes that he would add value to the NIA”.

  • My ultimate in life is to serve Buhari, new NIA DG says during send-forth party

    The Presidency on Friday held a special send-off event for the newly-appointed Director-General of the National Intelligence Agency, Mr. Ahmed Rufai Abubakar as he prepares to assume duty next week.

    The elated DG who couldn’t hide his joy however reiterated his commitment to serving the country and President Muhammadu Buhari in particular.

    This was revealed in a statement signed and released on Saturday by the Deputy Director (Information), State House, Abiodun Oladunjoye.

    Abubakar was until his appointment the Senior Special Assistant to the President on Foreign Affairs/International Relations, in the office of the Chief of Staff to the President.

    ‘‘I am emotion-laden for so many reasons and I thank you for what you have said about me. The best I could have done in my life is to serve the President and the nation,” he said.

    The Chief of Staff, Abba Kyari, set the tone for the evening at the event held in his conference room when he described the erstwhile aide as ”a patriot, intelligent and consummate gentleman.”

    I met him for the first time in this office after my appointment as Chief of Staff.

    I do not think his elevation will deny us the opportunity of still working together. During his stay here, he distinguished himself as a patriot and he brought his wealth of experience in working with international organisations to bear on his work.

    At any given time, even at late hours, Abubakar was always ready to give his best. He was committed,’’ the Chief of Staff added.

    On his part, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said it was regrettable that the new DG of NIA had been maligned by a section of the media following his appointment.

    He said, “Ahmed Rufai Abubakar is a perfect fit who is most qualified for the job. He has occupied various top public offices in the agency in the course of which he received several awards. He left voluntarily to go to the United Nations as a Director.

    When he retired, he was appointed as a senior adviser in the Multinational Joint Task Force regional coalition of countries for the fight against Boko Haram and other trans-border security threats in the region. There is no doubt at all as to Mr. Abubakar’s qualifications for the job and that is what is most important.”

     

     

  • 2019: PDP demands Ameachi’s resignation over appointment as DG, Buhari Campaign Organisation

    2019: PDP demands Ameachi’s resignation over appointment as DG, Buhari Campaign Organisation

    The Peoples Democratic Party (PDP) on Thursday demanded the resignation of the Minister of Transportation, Rotimi Amaechi following his appointment as the Director General of President Muhammadu Buhari’s 2019 campaign.

    The opposition party the President and the ruling All Progressives Congress (APC) of being insensitive to the plight of Nigerians.

    The statement reads: “If the APC has any strand of dignity, then Amaechi must resign as the Minister of Transportation, having been appointed and already functioning as the DG of Buhari’s campaign.

    “Under the constitution of Nigeria, Amaechi cannot combine the job of a minister of the Federal Republic of Nigeria with another responsibility as the DG of a campaign organisation.

    “Amaechi’s action, in accepting the job while still holding office as minister, is in clear breach of the oath of office and the oath of allegiance which he swore in line with the provisions of the 1999 Constitution (As amended).”

    The party noted that Amaechi had started to function as the DG by holding meetings with some governors on the APC platform.

    The PDP recalled that when the ex-Minister of Works, Tony Anenih was appointed to head the campaign of former President Olusegun Obasanjo, he resigned his appointment as minister.

    The party expressed concern that the APC is interested in establishing a re-election campaign when the people are suffering.

    Recall that Ameachi as governor in 2014 also functioned as DG of Buhari/Osinbajo campaign organisation.

    Neither the Presidency nor the minister has reacted to the opposition party’s demand.

     

     

  • Blue Economy: NIMASA DG advocates proper framework in Africa

    The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that in order to harness the opportunities derivable from the Blue Economy in Africa there is a need for a proper framework and structure which will enhance the coordination of the sector.

    The NIMASA DG who stated this during a paper presentation to the Management of the Nigerian Shippers’ Council (NSC) in Lagos titled; “Introducing the Blue Economy Concept” said that in realizing a desirable blue sea economy framework, participatory engagement and agenda setting, participatory policy design and implementation and multi sector partnership are key areas that must be considered.

    Speaking further, he said the Blue Economy which stands on three pillars namely; Environmental Sustainability, Economic Sustainability and Social Sustainability has a lot of benefits to the growth and development of the sector in Africa, thereby making it compete favourably with its counterparts in other continents.

    Dr. Peterside also highlighted fair multilateral and bilateral agreements, improved well-being, inclusive job creation, Eco-tourism, debt swaps and green ports amongst others as some of the tools and opportunities that abound in the blue economy sector in Africa. He added that the concepts it will bring to Africa ranges from sustainable business opportunities, circular economy, resource efficiency, and conservation of development. All these he said will help the continent actualize the blue economy sector.

    “About 70% of the earth resources are underneath the sea and has been in most cases left untapped; almost all the cities in the world begin their development from the sea which shows the underlying importance of the sea to economic and social growth. We must therefore work hard and collaboratively to actualize our blue economy sector in Africa”, Dr. Peterside said.

    While identifying, maritime insecurity, criminal activities at sea, climate vulnerability, poor infrastructure among others as factors militating against development of Africa’s blue economy, he assure that NIMASA is doing all it can to curtail the issues relating to criminal activities in the nation’s territorial waterways. We have proposed an Anti-piracy bill which is presently before the National Assembly and would be passed soon. This will enable the Agency prosecute those found in such nefarious activities that is capable of hampering the development of the maritime sector.

    Furthermore, the DG called for a budgetary provision for blue economy management as obtainable in other climes and also the creation of an institutional framework for the blue economy sector.

    The DG also used the opportunity to urge African nations to provide investments needed to support improved governance and initiatives and assured the NSC that the Agency will continue to encourage collaborations amongst Stakeholders in the industry, as it is the only way that can guarantee the growth, development and actualization of the blue economy.

    Earlier in his welcome address, the Executive Secretary of the Nigerian Shippers’ Council, Barrister Hassan Bello, he commended the efforts of the Dr. Dakuku Peterside led Management of NIMASA and stated that within a short time of his appointment, he has been able to transform the sector.

    He also described the Agency as a worthy partner and said that the need for the Council to collaborate with NIMASA to drive the blue economy cannot be over emphasized; this necessitated the invitation of the NIMASA DG to come and give the entire Management team of the NCS firsthand information on the concept of the blue economy.

    The blue economy in the African context covers both aquatic and marine spaces including oceans, seas, coasts, lakes, rivers and underground waters. It also encompasses a range of productive sectors; Fisheries, Aquaculture, Tourism, Transport, Ship building, energy, bio prospecting, under-water mining and related activities.

     

     

     

  • Suspended SEC DG, Gwarzo trying to blackmail me – Adeosun

    The Minister of Finance, Mrs Kemi Adeosun, on Friday, alleged that the suspended Director-General of the Securities and Exchange Commission, Mr Mounir Gwarzo is doing everything possible to blackmail her.

    The minister, however, noted that no amount of intimidation from the suspended DG will stop the Administrative Panel of Inquiries set up to probe him (Gwarzo).

    The minister said this during a chat with journalists at the ministry’s headquarters in Abuja.

    Adeosun described as untrue, claims by the suspended DG, that she attempted to stop the forensic audit by SEC into the activities of Oando Plc.

    She wondered why Gwarzo could resort to peddling falsehood when in fact he was given a right of fair hearing through an administrative query.

    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’ confidence in the capital market.

    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.

    Adeosun said, “Mr. Gwarzo has alleged that his suspension was due to his refusal to stop the forensic audit of Oando Plc.

    “I 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.

    “However, given the degree of speculations and the potential impact on the capital market, there is a need to set the records straight as follows:

    “The 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’ confidence. Its leadership must maintain and be seen to maintain the highest standards of integrity.

    “That 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.

    “The 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.”