Adeosun: Why I Dropped Zubair, Ex-SEC DG, Reinstated Oando Shares’ Trading

Related stories

Oil Prices Slip Despite U.S.-China Talks

Crude oil prices moved lower earlier today even after...

Drama As Elon Musk Reverses Self on Trump, Says Criticism Went too far

By Abiola Olawale Elon Musk, the billionaire Chief Executive Officer...

Ex-Minister, Essien Blasts Gov Umo Eno For Piling Pressure on Lawmakers to Defect

Says, Lawmakers have independent mandates By Abiola Olawale A former...

Nigeria Not At War Yet Citizens Living Like Refugees In Own Country — Peter Obi

By Kolawole Ojebisi Presidential candidate of the Labour Party (LP)...

Fubara’s Sins ‘ll Be Forgiven Only If… APC

By Kolawole Ojebisi The Rivers State Chairman of the All...

…As Shareholders Accuse Minister Of Interfering In SEC’s Affairs

By Dotun Akintomide

The Minister of Finance, Mrs. Kemi Adeosun had given reasons why she waded into the crisis rocking the Nigeria’s Securities and Exchange Commission (SEC) following the multiple events of the last one week pertaining to the lifting, reinstatement and lifting again of the technical suspension placed on Oando’s shares traded on the Nigerian Stock Exchange (NSE).

Consequent upon this, last weekend, the minister had announced the removal of the acting Director General of SEC, Dr. Abdul Zubair and replaced him with Ms. Mary Uduk.

According to Adeosun, she had to suspend Zubair at the weekend because she had pointedly asked him not to lift the technical suspension on the energy company’s shares the week before last until a committee comprising representatives from her ministry, SEC, the NSE and the Johannesburg Stock Exchange (JSE), where Oando has a dual listing, had reviewed the report of the forensic audit submitted by the team of professionals appointed by SEC to investigate the company.

She said in spite of her directive, SEC still went ahead to issue a memo to the NSE lifting the technical suspension the market regulator had placed on the shares of Oando since October last year.

While the shareholder groups have accused Adeosun of “unwholesome interference” in the nation’s capital market and meddling in the operations of SEC, and demanded her immediate sack, the minister has denied the allegations, saying the shareholder groups were speaking out of ignorance.

But in a joint statement in Lagos yesterday, the shareholder groups – Proactive Shareholders’ Association of Nigeria (PROSAN), Trusted Shareholders’ Association of Nigeria (TSAN) and the Oando Shareholders’ Solidarity Group (OSSG) – alleged that in the minister’s desperation to shield Oando from probe, “Adeosun has inevitably caused untold harm both to the independence of SEC and the Nigerian capital market”.

The statement was issued after SEC penultimate week said it had concluded its forensic audit of Oando without making public the outcome of the audit on the energy firm, following which the capital market regulator lifted, reinstated and again lifted the technical suspension placed on the company’s shares in a space of 24 hours last week, culminating in the removal of Zubair by the finance minister, and his replacement with Ms. Uduk.

Dotun Akintomide
Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Oil Prices Slip Despite U.S.-China TalksDrama As Elon Musk Reverses Self on Trump, Says Criticism Went too farEx-Minister, Essien Blasts Gov Umo Eno For Piling Pressure on Lawmakers to DefectNigeria Not At War Yet Citizens Living Like Refugees In Own Country -- Peter ObiFubara's Sins 'll Be Forgiven Only If... APC2027: I'm Ready To Die For Tinubu's Victory In Abia -- KaluAtiku's Ally, Segun Sowunmi, Hints At Dumping PDP For APC, Says 'I May Likely Leave'Why I Renamed IBB's Govt Built International Conference Centre After Tinubu - WikeMy Soul Has Left PDP, Says MomoduLet’s Go To Party, By Uzor Maxim UzoatuBudget of barbarians, for brigands, by buccaneersOil Prices Could Sink Below $50 This YearExclusive: Nigeria's $5 billion oil-backed loan from Aramco delayed by oil price drop, say sourcesTop APC Chieftain, Jesutega Onokpasa Dies at 49Sallah Break: Tinubu Finally Departs Lagos State For Abuja, Resumes Work
X whatsapp