The Speaker of the House of Representatives, Hon Aminu Tambuwal has assured stakeholders that the fresh Capital Market probe, which resumed yesterday is not an attempt to witch-hunt any person or organisation.
Tambuwal, who stated this while declaring open the House of Representatives Ad-hoc Committee Probe on the collapse of the Capital Market urged stakeholders in the capital market to participate and view the ongoing probe maintained that it was an exercise aimed solely at finding solutions to the problems of the sector.
This is even as the Association of Corporate Trustees (ACT) revealed that poor monitoring and enforcement of placement issues was one of the major factors that led the collapse of the Capital Market and to consequent loss of investors’ confidence.
President of the association, Mrs Oluwatoyin Sani, in her presentation to the Probe Committee lamented that though the global market crisis contributed to the crash of the capital market, lack of enforcement of punishment where irregularities were detected however played a big role in depleting the fortunes of the sector.
It will be recalled that the committee members and leadership of the adhoc investigative panel was reconstituted after the former chairman and members were accused by the director general of SEC, Ms Arunma Oteh of bribery request.
Tambuwal who was represented by the minority leader of the Hon Femi Gbajabiamila said, "We should put for the sake of Nigeria, everything that happened before behind us. This is a time of great expectation".
Going further, he added, "We should dig deeply to find out what exactly brought our capital market to where it is today. We want our stakeholders to understand that this hearing is not an adversary hearing.
We are looking for answers to how the capital market can once again bounce back. We should put the interest of Nigeria first".
In his welcome address, the chairman of the adhoc committee, Hon Ibrahim Tukur El-Sudi assured all stakeholders that the committee will act as "fair, proper, unbiased umpires in bringing back the capital market". Setting the tone for the day's proceedings, the chairman reminded the stakeholders that the powers of the committee to conduct the hearing was based on the provisions of sec 88 and 89 of the constitution of the Federal Republic of Nigeria which empowers the National Assembly to conduct investigations.
Meanwhile, the committee has summoned the former governor of the Central Bank of Nigeria, Professor Charles Soludo, the former director general of the Nigeria Stock Exchange, Professor Ndi-Okereke Onyuike and the former director general of the Securites and Exchange Commission, Musa Al-Faki to appear before the committee on Thursday.