Finance Minister, Kemi Adeosun, Faces Immediate Sack, For Massive, Gross, And Very Damaging Misconduct, President Buhari, Others, Alerted

By Amako Nneji April 16, 2018 08:25

Finance Minister, Kemi Adeosun, Faces Immediate Sack, For Massive, Gross, And Very Damaging Misconduct, President Buhari, Others, Alerted

Three Shareholders groups, have called for the immediate removal of Kemi Adeosun, as the Minister of Finance, for her unwholesome interference in the affairs of the Securities and Exchange Commission, SEC.

Post-Nigeria recalls, that Adeosun had on Friday, approved the re-assignment of portfolios in the Securities and Exchange Commission, SEC, with Mary Uduk assuming the position of Acting Director-General of the Commission.

The groups described the Minister’s decision to reassign portfolios in SEC, as “unnecessarily meddling” with the functions of the Commission, which has caused severe damages to the capital market.

Specifically, the National President of Trusted Shareholders Association of Nigeria, TSAN, Alhaji Mukhtar Ismail Mukhtar; the National Coordinator, Proactive Shareholders Association, PROSAN, Taiwo Oderinde; and the Coordinator, Oando Shareholders Solidarity Group, OSSG, in a joint statement, on Sunday, said Adeosun had inevitably caused untold harm both to the independence of SEC, and the nation’s capital market, in her desperate attempt to shield Oando from probe.

The statement reads: “We wish to bring the attention of His Excellency, President Muhammadu Buhari, Vice President, Yemi Osinbajo, and all Nigerians, to the unwholesome, unpatriotic, and strange actions of the Minister of Finance, Mrs. Kemi Adeosun, with regards to the probe of Oando Plc.”

“You may recall that since early last year, Oando has been enmeshed in series of crisis bordering on abuse of corporate governance, and alleged gross financial mismanagement.

“The Internal Auditors of Oando Plc, Messrs Ernst & Young, in the company’s financial report last year, expressed doubts over its ability to continue as a going concern, because its liabilities exceeded its assets.

“As concerned Shareholders, we sent petitions to the Securities and Exchange Commission, SEC, and to the House of Representatives Committee on Capital Market.

“The Committee mandated SEC to investigate these allegations, culminating in the setting up of a Committee by SEC, to carry out a preliminary investigation of the company’s affairs.

“SEC’s preliminary investigation, as disclosed by the Commission in a letter dated October 17, 2017, signed by its Head of the Legal unit, Braimoh Anastasia, unearthed several malpractices in the company.

“These include: insider trading, decoration of dividends from unrealised profits, the release of false financial statements to the public, and the disposal of assets without the knowledge of the regulatory body, in contravention of the Investment and Securities Act (ISA) 2007, among several other infractions.

“These weighty findings compelled the suspension of Oando shares on the floor of the Nigerian Stock Exchange, and the Johannesburg Stock Exchange, to pave way for a more thorough investigation.”


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