Some shareholders have backed the reinstatement of Mounir Gwarzo, who was earlier suspended from his role as the Director-General of the Securities and Exchange Commission (SEC) by former Finance Minister Kemi Adeosun,
Why the shareholders’ stance? Reacting separately to the development, the shareholders argued that Gwarzo’s initial suspension never followed due process as there was no thorough investigation on the allegations of financial impropriety that was leveled against him during the period.
Following the court ruling which voided his suspension, the shareholders have maintained the development would boost investors’ confidence on the ability of the judiciary to adjudicate capital market-related cases with fairness.
Gwarzo the best leader? Meanwhile, other shareholders extolled Gwarzo’s leadership. According to Eric Akindibnduro, the President of Ibadan Zone Shareholders Association, the transformation the capital market is witnessing today is as a result of a master plan initiated under Gwarzo’s leadership.
“SEC has over 100 initiatives to be implemented within a period of 10-year and Gwarzo put the best brains together to formulate the policies that are pushing the market forward now.
“Amongst such is the direct cash settlement and e- dividend initiatives I could remember then that he made a statement that “multinationals have no excuse not listing on NSE” so multinationals like MTNN listing is as a result of the good initiative he established.”
Also reacting to Gwarzo’s reinstatement was the Publicity Secretary of the Independent Shareholders Association of Nigeria, Moses Igbrude, who simply expressed his happiness. He also pleaded with the Federal Government to respect the court’s order.
According to the President of New Dimension Shareholders Association, Patrick Ajudua;
“For investors, it a fact that where there is rule of law, investments will thrive and investors would enjoy lawful protection of there investment. Its implication is that even in the face of unjust regulations, we can rely on the judiciary for equity and fair hearing.”
Earlier Development: Recall that Nairametrics earlier reported that the National Industrial Court ordered the immediate reinstatement of Mounir Gwarzo. The judgment was delivered by Justice Sanusi Kado, who held that the minister of finance, who is named as the second defendant in the suit, lacked the power to suspend the claimant.