House of Representatives Sub-committee on Capital
Market and Institutions will probe the recent takeover of Skye Bank Plc by the
Central Bank of Nigeria (CBN).
Making this known on Tuesday the Chairman, Hon.Tony
Nwulu, whose committee had summoned no fewer than 100 companies for probe in
suspected unwholesome practices, assured Nigerians that the House would look
into the takeover of Skye Bank Plc in the ongoing probe of insurance companies
and banks in Nigeria.
Nwulu, in a chat with journalists, said: "We
were on recess when the bank was taken over but now that we are back, we will
look into the matter.”
Though the committee had planned to continue the
probe of insurance companies and banks on resumption from recess on Tuesday, it
was adjourned due to the untimely death of a member, Hon. Funke Adedoyin. The
probe is now slated for Wednesday next week.
According to him, "We had to reschedule the probe
because we are mourning a member, but all those that we invited must show up by
next Wednesday. As you are aware, we have been on this matter for some time now
and we intend to reach the bottom. There is too much corporate mis-governance
in the sector.
"There have been several public outcries by
shareholders over corporate mis-governance by most public companies, where
allegations of fraudulent activities by management of these firms have been
suspected. So, this is an industry-wide exercise that we're trying to carry out
in order to wipe off all of that and also restore confidence in investors as they
would have to be sure that they are investing in a healthy company.
"Not a company that people don't even know
what happens to their shares anymore, while the CEO is living on people’s money
while investors are losing money.”
He said the committee got clearance from the apex
regulatory body, the Security and Exchange Commission (SEC), as the sole aim is
to restore investors’ confidence in the Nigerian capital market before
embarking on the exercise.
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