New House committee to shelve Hembe

The House of Representatives Capital Market ad hoc Committee, named to replace the scandal-rocked Herman Hembe team, says it is beginning fresh enquiries into the near-collapse of the capital market.


New memoranda are expected from the public and the relevant offices, and the new committee has urged that everyone involved in this new round of enquiries should begin the exercise with an open mind devoid of the controversies of the bribery allegation that cut short the Hembe-led probe.


Mr. Hembe was questioned by the Economic and Financial Crimes Commission (EFCC) last week after resigning from his post as chairman of the initial committee set up to probe the capital market over a N44 million bribery allegation by the Security and Exchange Commission (SEC).


Arunma Oteh, SEC’s Director General, who made the allegation, was also reportedly interrogated by the anti-corruption agency.


The new committee says it will commence work anew, and officials concerned, including Ms. Oteh, will be expected to attend with a clear mind, not minding the events of the botched exercise.


The chairman of the new committee, Ibrahim El-Sudi, said the fresh hearings will start on April 10. He explained that the date was moved from this week due to the approaching Easter break.


Mr. El-Sudi said the committee will look for its own facts irrespective of whatever information have been submitted to the Herman Hembe-led House Committee and will ask concerned officials to submit fresh memoranda.


Last week, the ad-hoc committee said that its hearings will not be a trial or judgment session, but will concern itself with the troubles of the nation’s capital market.


It called on those related to the capital market to put aside the controversies and sentiments regarding the aborted hearing, and approach the fresh public hearing with an open mind.


“Regardless of issues that led to change of guards in this exercise, we are calling on every stakeholder to the fresh hearing to come with very open mind. It is not a trial nor is it an attempt to witch-hunt or victimize anybody but to ensure that the Capital Market is brought back to life,” Mr. El-Sudi said.

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