By Dipo Olowookere
The Securities and Exchange Commission (SEC) of Nigeria has been directed to takeover affairs of Capital Oil Plc.
This order was given on Thursday by the sub-committee of the House of Representatives on Capital Market and Institutions.
According to the parliament, successive management of Capital Oil allegedly mismanaged shareholders’ funds to the tune of N5 billion.
“We are mandating SEC to take over the management of Capital Oil. We will invite SEC to come and tell us what they know about what has become of Capital Oil,” chairman of the committee, Mr Tony Nwulu, said.
According to the lawmaker, the apex capital market regulator must sanction Capital Oil and other companies involved in insider abuses to serve as a deterrent.
“We are extending this warning to all the publicly-quoted companies in Nigeria. Wherever we see incompetence, we will expose them and ensure that SEC takes them over and where forensic audit needs to be done, we will make sure that it is carried out,” Mr Nwulu added.
The congressman further said, “We will be inviting all the past management of Capital Oil Plc to come and explain how come a company that Nigerians invested their hard-earned money in can just go this way without explanations.”
According to him, the matter would be followed to a logical conclusion by ensuring that those who committed the abuses would be punished.
“We are not going to back down, no matter how highly-placed they are. It is disheartening that a Plc can go down without any explanation being made to Nigerians.
“Anybody who played a part in this has explanation to make to Nigerians. It is pathetic to look at Nigerians in the face and tell them that their hard-earned money is gone.
“All those who are guilty will make account. That is what we are telling Nigerians. We assure them that justice must be served,” Mr Nwulu emphasised.
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