The House of Representatives’ ad-hoc committee investigating the near collapse of the Nigerian Capital Market is to begin a fresh public hearing on April 10, 2012.
The chairman of the committee, Honourable Ibrahim el-Sudi said the delay in the commencement of the public hearing is due to the Easter celebrations.
The lawmaker said the committee will source its own memoranda irrespective of whatever materials had been submitted to the last committee on capital market led by Honourable Herman Hembe.
He said the work of the committee will not be a “judgment passing session but one to expose all factors that contributed to the near collapse of the Nigerian capital market.”
The initial probe into the activities of the Nigeria Stock Exchange and the capital market’s regulator, the Security and Exchange Commission (SEC) took a dramatic twist during the third day of the probe when series of allegations of bribery and misappropriation were raised.
The then chairman of the House Committee on Capital market accused the Director-general of SEC, Ms Arunma Oteh, of spending N82million on her rent and N82,000 daily on her meals. He also questioned the competence of the former Vice-President of Agricultural Development Bank, in leading the regulatory agency.
The visibly angered Ms Oteh, backed with her credentials, alleged on the following day that the Mr Hembe had approached the commission ahead of the probe seeking a fee of N39 million to support the probe, weeks before it started. She also alleged that the commission had earlier given Mr Hembe the sum of N5 million for a planned trip to Dominican republic to attend the summit on stock market of emerging countries. The trip, she added was never made despite the donation.
Mr Hembe denied all the allegations, saying it was the commission that offered to support the probe with the N39 million.
He has since resigned from the post and he is currently undergoing investigation with the Economic and Financial Crimes (EFCC) agency.