Reps summon Soludo, Dangote others over Capital Market crash
By Victor Oluwasegun and Dele Anofi, Abuja 13 hours 38 minutes ago
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Prof. Soludo
•Want MTN, AIRTEL,Etisalat others listed



The House of Representatives Ad hoc Committee on the near collapse of the Capital Market yesterday summoned the immediate past governor of the Central Bank, Prof. Chukwuma Soludo, former Finance Minister, Dr. Mukhtar Mukhtar, Chairman of Dangote Group,Alhaji Aliko Dangote,Mr. Femi Otedola, Mr.Oba Otudeko, the Executive Secretary of Department of Petroleum Resources (DPR) and the Executive Vice Chairman of Nigeria Communications Commission (NCC), Mr. Eugene Juwah, to appear before it on Tuesday next week.

Also invited by the committee are former Director General, Securities and Exchange Commission (SEC), Mr. Musa Al-Faki and former Director General, Nigeria Securities and Exchange Commission (NSE), Mrs. Ndi Okereke-Onyuike.

They are scheduled to appear on Monday.

Each of the invited persons is expected to answer questions on the role he played in the months preceding the collapse of the capital market.

Alhaji Ibrahim El-Sudi, Chairman of the Ad hoc Committee, explained that the House would encourage the listing of MTN, Airtel and other public liability companies on the stock exchange with a view to boosting the liquidity of the sector..

Deputy Governor, Financial Systems Stability, Dr. Kingsley Moghalu, alleged last Wednesday that that the worst sharp practices that taffected the stock market took place under former CBN Governor Soludo’s watch.

This is the reason for Soludo’s summon.

He will be answering questions on alleged sharp pratices by banks that contributes to the fall of the market during his time as CBN governor

http://www.thenationonlineng.net/2011/index.php/news/45501-reps-summon-soludo-dangote-others-over-capital-market-crash.html

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To be honest, Nigerian lawmakers are a prime joke. Well, they need to answer their call but if you ask me, I think they should STOP wasting tax payers monies on useless and futile hearings. This is about to be another classic show of shame... I hope Dr Soludo plays their card very well,

Can you imagine, just like the "Oil Subsidy" shenanigans, when they ask Secretary of DPR, how much volume of FOREX did you buy/sell, his figures will vary from that of Soludo.

When they ask finance minister, how much domestic/foreign debt did you raise from capital market? His answer will be different from CBN record, better yet ask Soludo.

When they ask Madam Ndi-Okereke Onyike, how much net shares did Dangote and Otedola trade on the stock exchange? She will give conflicting figures different from Dangote's CFO,

While Dangote's CFO will present a different figure/consolidated statement from that of SEC record. When the ask Dangote's CFO, how much capital did you raise, he/she will say "I don't have records, ask our bankers"...

When they ask SEC, how much volume of liquid securities were traded on the Stock exchange, Mr. Musa will answer, oh we don't have records, ask NSE.

Like seriously this is a big charade.

To sum it all up, Attorney-General will come out later to say " We cannot prosecute because the findings from the house is not substantial" and blow all the legal jargon known to man.

Then President GEJ will say "We're actually working on it"

They need to STOP taking Nigerians for fo/ols because we aren't one.