Oando: Reps probe Adeosun’s suspension of SEC boss - Newspaper review

macfranc007 December 06, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Aanu Adegun

The newspaper review for Wednesday, December 6, leads with the forensic audit of Oando and the bid to stop IBB and Jonathan from sponsoring candidates in the forthcoming national chairmanship election by PDP governors among other stories.

This Day reports that following the success of the $3 billion Eurobond issue by the federal government last month, coupled with higher oil prices and production, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has disclosed that the country’s external reserves have hit a four-year high of $38.2 billion.

Emefiele made the disclosure Tuesday during the inauguration of a €10 million fully automated Blue Band margarine factory by Unilever Plc, in Agbara, Ogun State.

With the rate of accretion, the reserves are expected to meet the central bank’s projection of $40 billion by the end of 2017.

Emefiele said: “In January 2014, Nigeria’s reserves were about $40 billion and by October 2016, it had dropped to $23 billion, all because of the haemorrhaging of foreign exchange.

“But I am happy that today, we are beginning to sing positive songs and our story is looking good at this time. We have seen reserves move up from the $23 billion to $38.2 billion.”

The CBN governor commended the management of Unilever for heeding his call for manufacturers to look inwards to grow the economy.

The establishment of the factory, according to him, was a fallout of the central bank’s policy that restricted 41 items from accessing FX from the interbank market.

He stressed the need for the country to focus on job creation to cater for Nigeria’s rising population and create job opportunities for Nigerian youths.

Thisday Newspaper of Wednesday, December 6. Credit: Snapshots from NAIJ.com

Vanguard reports that the House of Representatives, yesterday, resolved to probe all allegations of corruption in the Securities and Exchange Commission, SEC, which led to the suspension of its director-general, Mounir H. Gwarzo, by the Minister of Finance, Kemi Adeosun, just as the Commission said it would continue with the forensic exercise on Oando Plc activities.

The legislators also asked the parties in the matter between SEC and the Minister of Finance to maintain status quo, pending the outcome of the investigation.

The resolution was sequel to a motion raised under matters of urgent public importance titled, “Need to intervene on the conflict between minister of Finance and the suspended director-general, Securities and Exchange Commission”, sponsored by Hon. Diri Douye, representing Yenagoa/Kolokuma/Opokuma of Bayelsa state.

Douye, in the motion canvassed that there were allegations of interference by the Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando forensic audit matter which was speculated to be responsible for Gwarzo’s suspension.

He stated: “The House notes the conflict between minister of finance, Kemi Adeosun and the suspended director-general, Securities and Exchange Commission, SEC, Mounir Gwarzo over Oando’s Forensic Audit and corruption allegations.

“The conflict has allegedly lingered for several months between the Ministry of Finance and the Securities and Exchange Commission, but the matter of Oando disagreement brought it into public domain.

“The intervention by the House will put the matter in proper perspective and foster amicable resolution of the conflict in order to protect the image of the Security and Exchange Commission in the interest of both local and foreign investors.”