Dangote, Otedola shun House probe of capital market

Dangote, Otedola shun House probe of capital market

The Federal House of Representatives ad-hoc committee’s investigation of the collapse of the capital market on Tuesday wound down its sitting but with major market players refusing to appear before the committee.

Aliko Dangote, Femi Otedola and Oba Otudeko were all conspicuous with their absence before the committee, despite being major players in the capital market.

The committee had on several occasions invited the chairman of Dangote Group, Alhaji Aliko Dangote; chairman of Zenon Oil, Femi Otedola; and Oba Otudeko, but none of the three honoured it.

They were expected make appearances to explain their various roles in the crash of the market.

Dangote was expected to answer questions concerning his position as president of the Nigerian Stock Exchange since 2009, while Otedola and Otudeko were invited, being the big players in the equities market.

Notwithstanding their absence, chairman of the committee, Hon. Ibrahim Tukur El-Sudi, said their absence would not hamper the outcome of the committee’s hearings.

The public sitting has thrown up a lot of issues bordering on recklessness and a gross disregard for due diligence on the part of the management of both the Nigerian Stock Exchange and the Securities and Exchange Commission.

The Committee chairman noted the importance of the work being done on the capital market and so has left room for presentations from those who were invited and could not make it.

Other key players such as former CBN governor, Prof. Charles Soludo; erstwhile director-general of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyuike all made presentations before the ad-hoc committee.

El-Sudi said the committee’s report will be ready very soon adding that although they may make certain mistakes in the course of compiling the report, the members are committed to doing a thorough job that would lead to the reawakening of the capital market.

The committee commenced sitting on April 17, after the earlier investigation by the capital market committee was truncated by allegations of corruption against its chairman, Hon. Herman Hembe.