EDEGBE ODEMWINGIE reports on the renewed spat between federal lawmakers and the regulator of Nigeria’s Capital Market. Also other key developments in the Green Chamber are highlighted.
The House of Representatives on Thursday declared that it would have no dealings with the Security and Exchange Commission (SEC) under its incumbent Director General, Arunma Oteh. The development came 48 hours after a House panel walked out a SEC delegation from a meeting for similar reasons.
The Abdulmumin Jibrin-led House Committee on Finance, expelled a representative of the SEC Director General, Arunma Oteh from participating in a meeting with federal government revenue generating agencies.?
Jibrin (Kano/PDP) in sacking Oteh’s representative, SEC’s Director of Finance, Mr. Abatcha Bulama told the delegation to vacate the venue of the meeting, insisting that since the Executive arm of government was yet to implement the House resolution, the committee will have nothing to do with the incumbent SEC DG.
“We mistakenly advertised your name (SEC) for this meeting. As you are aware, the House resolved not have anything to do with you for now, so you may kindly take your leave now, we wish you well,” the Chairman told Bulama.
The Committee had invited about 63 revenue generating agencies of government with a view to ascertain their internally generated revenue and remittances to government.
To follow, while fielding questions from newsmen on the state of affairs of the, House vis-a-vis the 2013 budget defence by government Ministries Department and Agencies, its Deputy spokesman, Victor Ogene on Thursday said the House remained resolute in its stance that Oteh be sacked for not meeting the 15-year cognate as provided for in the SEC Act, hence a no show in terms of budgeting for the Commission in 2013.
Ogene said Thursday, “We made our findings and nobody has faulted those findings because they are based on law that says you must have certain (15 cognate) years of experience in the Capital Market for you to head the Securities and Exchange Commission (SEC) and nobody has faulted that.
“We remain resolute that the House of Representatives will have no dealings with the securities and exchange commission under Arunma Oteh as Director General.
Recall that a House sanctioned inquest into the near collapse of the country’s capital market suffered ill-fate when a N44 million bribery allegation led to the disbandment of the Herman Hembe-led panel.
The Director General of the Security and Exchange Commission (SEC), Arunma Oteh, who made that allegation also stated that SEC provided monies for Hembe and his deputy to embark on a foreign trip to the Dominican Republican, a journey that was not made and monies not returned.
A second attempt by the Ibrahim Tukur El-Sudi-led panel concluded the probe and subsequently indicted Oteh recommending her sack, a resolution the Goodluck Jonathan administration is yet to comply with.
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Malabu Deal: I Am Not A Crook – Adoke
The Attorney General of the Federation (AGF) and Minister of Justice, Mohammed Bello Adoke (SAN) on Friday defended the federal government’s role in the contentious sale of Oil Prospective Licence (OPL) 245.
Adoke said allegations of round-tripping levelled against the federal government in select quarters was without basis and cannot be substantiated. According to the AGF, the federal government acted as mere facilitator of an amicable settlement between two disputing parties over a long standing dispute with obvious economic implication for the country.
The AGF made the defence during the Leo Ogor-led House of Representatives investigative probe meeting into the role played by the federal government and two multinational oil giants (Agip and Shell) in the alleged round tripping of proceeds in the sale of the contentious OPL 245 in favour of Malabu Oil and Gas Limited.
In a deal federal lawmakers described as “shady”, reports fingered top presidency officials of perpetuating one of the biggest financial heists in the country’s history, following the out of court settlement between the listed parties and the subsequent payment of $1.1 billion to Malabu Oil and Gas.
Meanwhile, members of the House Committee engaged in raged exchange of words with the Attorney-General over the latters involvement in the oil deal. Adoke was angered by line of questioning by the committee which suggested his questionable involvement in the deal.
“I was not that irresponsible and I did not authorise the payment of money from the federation account to Malabu. The perception there was that the Attorney-General and the Minister of State for Finance connived to pay some money to Malabu.
“I know where this question is coming from. Ask me and I will give you the answer. I am not a crook and I don’t support crooks.
“I cannot be unduly maligned by people who have been the architects of the ruins of this country.”
Proceeds from OPL sales, officially termed signature bonuses are expected to be remitted to the federation account, payments the panel is moving to verify.
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Capital Oil Vs Coscharis
A meeting by the House of Representatives Committee on Public Petitions over a petition received from the Managing Director of Capital Oil and Gas, Mr. Ifeanyi Patrick Uba over non-payment of over N20 billion fuel subsidy claims due to the company was Thursday deadlocked as some parties to the dispute refused to give testimony at the hearing.
Representatives of Access Bank PLC and Coscharis Group of Companies, parties to the dispute told the Uzor Azubike-led House Committee that they could not join issues with the petition since the matter was subject to litigation in several courts (local and foreign) hence it will be sub-judice.
The Capital Oil boss in a petition to the Speaker, House of Representatives, Aminu Waziri Tambuwal dated November 14, 2012 claimed “ serious breach of fundamental Human rights, gross misrepresentation, suppression and concealment of material facts, threat to life, fraud, deceit, infringement, gross violation of banking rules and regulations and the constitution of the Federal Republic of Nigeria via attempt to forcibly take over Capital Oil & Gas Industries Limited under false presence resulting and culminating in non-payment of over N20 billion due to Capital Oil &Gas Industries Limited.”
In the petition, Uba alleged unethical and insider abuse by Access Bank Plc and Mr. Cosmos Maduka on the disputed loans facility, contrary to sections 18 and 20 (2) of BOFIA 2004. Uba also faulted the report of the AIG-Imoukhuede-led Presidential Committee on Fuel Subsidy on several grounds, seeking the re-opening of his company’s closed facilities across the country.
In a ruling by the Chairman, Public Petition panel, he flayed the Minister of Finance, Mrs. Ngozi Okonjo-Iweala and the Governor of the Central Bank, Sanusi Lamido Sanusi as well as the DG NIMASA for absenting themselves from the session.
The hearing was subsequently adjourned till December 13 to allow the finance minister and the CBN Governor make an appearance as well as allow parties insisting that the hearing is sub-judice to present court documents to that effect.
Ubah in a chat with newsmen after the aborted hearing said: “We have close to N20 billion with the Ministry of Finance and this money is also meant for banks, we have lost much in their quest to take over our assets. Is it a sin for us to invest in Nigeria, is it a sin for us to render services to Nigerians. How can they say what we are doing is fraudulent, why are they trying to kill this company?
“No multinational company has done what we did in five years in their 50 years of doing business in Nigeria. Why must we go through this mess because we are Nigeria company. Nigerians need to know the truth, I want them to bring the people involved, I don’t know why the chairman of the subsidy team is not here today, but he has been going to London campaigning for people to come and testify against me. They have been trying to bribe my workers to testify against me.
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