The Senate on Thursday accused the Acting Director General of the Securities and Exchange Commission, Munir Gwarzo of allegedly disobeying a court order on the N30bn bond to Gombe State.
The Chairman, Senate Committee on Capital Market, Chairman of the Committee, Ayo Adeseun, also alleged that the agency was spending the 2014 budget which was not approved by both chambers of the National Assembly.
A member of the Committee, Magnus Abe wondered why the Commission would give another N10bn to Gombe State as bond when the initial N20bn was enmeshed in controversy including a court order.
He said, “For a state that receives less than N3bn a month and they now have an obligation of over N700m on loans tied to their allocation. I think that the whole culture of irresponsibility and disdain for the feelings of the public and Nigerian people is reflecting in everything that this Commission is doing.
“There must be some kind of behaviour for some kind of behaviour. If we don’t do that then we are failing the people of this country.”
Anothet member of the committee, Danjuma Goje, a former governor of Gombe State expressed anger that the future of people of the state has been mortgaged.
He said, “One of the projects they said they spent N10bn on, we found out that they have not spent up to N200m.”
According to him, if the issue of last year’s budget wasn’t resolved, the committee would not be a party to 2015 budget proposals.
He said, “It is becoming obvious to us that SEC survived on the basis of illegality. The Gombe State Government took a loan of N20bn and there were serious allegations that the loan was not judiciously utilised.
“There were petitions in the paper. We know Oteh’s inadequacies but she was careful enough not to approve the additional N10bn until the issues raised were resolved. People have gone to court challenging the utilisation of that money.
The Chairman, Senate Committee on Capital Market, Chairman of the Committee, Ayo Adeseun, also alleged that the agency was spending the 2014 budget which was not approved by both chambers of the National Assembly.
A member of the Committee, Magnus Abe wondered why the Commission would give another N10bn to Gombe State as bond when the initial N20bn was enmeshed in controversy including a court order.
He said, “For a state that receives less than N3bn a month and they now have an obligation of over N700m on loans tied to their allocation. I think that the whole culture of irresponsibility and disdain for the feelings of the public and Nigerian people is reflecting in everything that this Commission is doing.
“There must be some kind of behaviour for some kind of behaviour. If we don’t do that then we are failing the people of this country.”
Anothet member of the committee, Danjuma Goje, a former governor of Gombe State expressed anger that the future of people of the state has been mortgaged.
He said, “One of the projects they said they spent N10bn on, we found out that they have not spent up to N200m.”
According to him, if the issue of last year’s budget wasn’t resolved, the committee would not be a party to 2015 budget proposals.
He said, “It is becoming obvious to us that SEC survived on the basis of illegality. The Gombe State Government took a loan of N20bn and there were serious allegations that the loan was not judiciously utilised.
“There were petitions in the paper. We know Oteh’s inadequacies but she was careful enough not to approve the additional N10bn until the issues raised were resolved. People have gone to court challenging the utilisation of that money.
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