Oteh and Hembe
The fresh probe into the near-collapse of the Nigerian Capital Market ordered by the House of Representatives has been delayed till April 10, The PUNCH learnt on Tuesday.
It was learnt that the new eight-member panel set up by the House to execute the assignment held its first meeting on Monday to agree on a work plan.
The Speaker of the House, Mr. Aminu Tambuwal, set up the new committee on March 20.
This followed the decision of the Chairman of the House Committee on Capital Market and other Institutions, Mr. Herman Hembe, to disqualify himself and the committee from presiding over the probe in the wake of the bribery allegations that disrupted the proceedings of the committee on March 15.
Investigations revealed that one week after the new panel headed by Mr. Ibrahim El-Sudi, took over the probe, it was only able to hold its first meeting on Monday.
A source close to the panel told our correspondent on Tuesday, “The committee has been taking its time to prepare properly for the investigation.
“This is a sensitive assignment; considering the tumultuous outcome of the previous exercise (Hembe’s), the new committee is taking its time.
“The first meeting was held on Monday and a work plan has been drawn out.”
Members of the panel were expected to meet with the leadership of the House on Tuesday to discuss the work plan and submit the budgetary proposals for the hearing for approval, a source said.
The source declined to comment on the budgetary proposal.
“By the work plan, the hearing cannot start before April 10.
“That is the agreed tentative date,” the source added.
Our correspondent learnt that members chose April 10 because the House would be observing the Easter break by that period.
He said, “The committee will use the period of the Easter recess to conduct the hearing.
“The recess will start by March 29 (Thursday) and will last till April 16 or so.
“It is the position of the committee to use the period of the recess to avoid distractions and to allow members to concentrate fully on the assignment.”
It was also learnt that the new panel had resolved to conclude the hearing within one week as against “dragging it if it is not necessary.”
The panel also reportedly resolved to be fair to all stakeholders to be invited to the hearing.
A source close to the panel told our correspondent on Tuesday, “The mandate of the House is that the committee should start this investigation afresh.
“This means that all the stakeholders will have to prepare and present fresh memoranda to the committee.”
When contacted for his reactions, El-Sudi confirmed that his committee was not likely to start the hearing before April 10, adding that the panel would roll out a full programme ahead of the assignment.
The Herman Hembe committee was presiding over the probe when the Director-General of the Securities and Exchange Commission, Ms Arunma Oteh, accused Hembe of demanding N39m from SEC to fund the hearing.
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