It was alleged that Adeosun unearthed a previous petition against Gwarzo and suspended him as SEC boss because he demanded to be served in writing with her order to stop SEC's forensic audit of Oando Plc.
In specific terms, the Commission while ensuring market efficiency, accountability and transparency, will proceed with all regulatory matters now before it with all sense of objectivity and fairness, with the best interest of investors at the core of all considerations.
Also suspended alongside the DG were the Head of the Media Division, Abdulsalam Naif and the Head of Legal Department, Anastasia Braimoh.
Adopting a motion by Rep Diri Douye (PDP, Bayelsa) at yesterday's plenary, the House said the conflict between the two officials had lingered for several months but that the Oando audit brought it to the public domain.
Contributing to the motion, Hon.
"What is happening in the SEC is symptomatic of the collapse of capital market".
"I wouldn't know why the minister will not allow SEC to do its job".
In a statement by Head of Corporate Communications, Securities and Exchange Commission (SEC), Bagudu Waziri, the apex capital market regulator assured the general public of its zero tolerance to infractions in the Nigerian capital market. Nigerians should know why the minister can not be investigated.
This incurred the wrath of stakeholders in the Nigerian capital market, who did not waste any time to call for the immediate sack of the Minister.
In his remarks, Sani Kaita (APC, Katsina) pointed out that SEC is a very sensitive and very important organisation to Nigeria and the worldwide community and the House should be involved in the investigation of the issues.
In a unanimous vote, the House directed that status quo be maintained until the outcome of the investigation to be carried out by the House of Representatives Committee on Capital Market & Institutions within two weeks. In a letter to Oando, the Commission stated that it remains committed to the thorough investigation of the allegations against the indigenous oil and gas company.
"Worried that due to the non compliance of the interim managing Director/CEO of TCN of the changes to the PMU will not only affect the future projects but may also impact negatively on the implementation of the ongoing projects, i.e the US$300 million Nigeria Electricity and Gas Improvement Project (NEGIP) technical assistance activities in NEGIP to support the power sector recovery programme".