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SEC Probe: El-Sudi Committee To Begin Sitting April 10

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ABUJA, March 28, (THEWILL) - The Security and Exchange Commission (SEC) will again return to the spotlight on April 10, 2012, when the Federal House of Representatives’ Ad hoc Committee on Capital Market and other Financial Institutions will commence its probe of allegations of corruption leveled against it.

The new committee, in its bid to ensure fair hearing, has promised to source its facts afresh irrespective of whatever documents that may have been submitted to the defunct committee, led by Hon. Herman Hembe.

Chairman of the ad hoc committee, Hon. Ibrahim Tukur El-Sudi, who disclosed this to THEWILL after the end of the maiden meeting of the panel, explained that the delay in the commencement of the public hearing is occasioned by the expected absence of many stakeholders in the probe due to the coming Easter break.

“The committee would ask all stakeholders to submit fresh memoranda to enable the commencement the investigation in earnest,” he said.

The ad-hoc committee had last week said that its public hearing would not be a trial or judgment passing session but one to expose all factors that contributed to the near-collapse of the Capital Market.

It called on every stakeholder in the Market to put aside all controversies and sentiments regarding the aborted investigative exercise embarked upon by the dissolved committee and approach the fresh public hearing with very open and objective mindset.

“Regardless of issues that led to change of guards in this exercise, we are calling on every stakeholder to the fresh hearing to come with very open mind,” he announced. “It is neither a trial nor an attempt to witch-hunt or victimise anybody. Rather, it is to ensure that the Capital Market is brought back to life.”