Senate queries SEC over illegal spending, N10 billion Gombe bond

Mournir Gwarzo - Chairman Security and Exchange Commision

The Nigerian Senate on Thursday queried the Securities Exchange Commission for spending money “illegally”.

The Commission, at the briefing of the implementation of its 2015 budget organised by the Senate Committee on Capital Market, was accused of illegally spending money from the 2014 budget without approval by the National Assembly.

The senate complained that the commission went ahead to spend money despite their non-allocation of funds in the 2014 fiscal year.

Ganiyu Solomon, representing Lagos West, also expressed his disappointment stating that the commission disobeyed the National Assembly.

The senate also criticized SEC for granting the Gombe State government N10billion even though the state government had mishandled the N20billion initially granted them.

The Senator representing Gombe Central Senatorial Disitrict, Danjuma Goje, queried SEC for ignoring Gombe’s mismanagement of the N20billion bond.

He also wondered why the acting SEC boss, Mounir Gwarzo, approved the funds when the former, Arunmeh Oteh, ignored the request.

“You did not investigate how the first N20 billion was used, you ignored petitions and protests against the use of the N20 billion, you went ahead to commit the state for another N10 billion.

“I am from the state, you have mortgaged the people of the state because you decided to ignore the cry and petitions of the people of the state,” he said.

Mr. Gwarzo defended the commission stating it went through all the due process necessary as SEC was a constitutional body that follows rules and regulations.

After the sitting became intense, the Senate, after a suggestion by the Chairman of the Capital Market Committee, Ayo Adeseun, representing Oyo central senatorial district, resolved to have a closed door meeting.


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