The Finance Minister, Kemi Adeosun has suspended Abdul Zubair as acting Director-General of the Securities and Exchange Commission (SEC), Bloomberg reports.
According to Oluyinka Akintunde, Adeosun’s spokesman, “The minister told them not to lift that suspension; they went ahead, and took the decision on their own.”
Akintunde also said that the SEC boss’ removal is part of efforts to instill confidence in the stock market.
Bloomberg reports that Zubair’s problem started when he refused to adhere to the finance minister’s instruction not to lift the suspension imposed on Oando Plc.
Mounir Gwarzo, a past SEC DG, ordered an investigation into the financials of Oando which led to the halt of the trading of the company’s shares.
A financial analyst, Olalekan Olabode who spoke to Bloomberg said “It will affect investors’ confidence because you really do not want a lot of back and forth from the regulators, and that is what we have seen.”
Also speaking on the issue, Oando’s spokesperson, Obehi Ojeaga said that the company’s shareholders have suffered because of the incident.
Oando came under scrutiny by the SEC over alleged corporate governance failures and financial mismanagement issues.