House of Representatives panel has asked the Securities and Exchange Commission (SEC) to take over Capital Oil.
Concise News reports that the sub-committee on capital market and institutions gave the directive at an investigative hearing on Thursday, following its findings on how the company allegedly mismanaged shareholders’ funds.
The chairman of the sub-committee Tony Nwulu, said the lawmakers discovered that the management of Capital Oil had over the years mismanaged shareholders’ funds to the tune of over N5bn.
The Senate sub-committee also raised the alarm that the company is owing over N70 million in taxes.
Nwulu said: “It is disheartening that a public liability company established with shareholders funds would go down the drain the way the company is presently going.
“We are mandating SEC to take over the management of Capital Oil. We will invite SEC to come and tell us what they know about what has become of Capital Oil.
“We will be inviting all the past management of Capital Oil Plc to come and explain how come a company that Nigerians invested their hard-earned money in can just go this way without explanations.
“We are not going to back down, no matter how highly-placed they are. Anybody who played a part in this has explanation to make to Nigerians. It is pathetic to look at Nigerians in the face and tell them that their hard-earned money is gone.”
The chairman of the sub-committee said the committee is extending its searchlight to all the public companies in Nigeria.
“Wherever we see incompetence, we will expose them and ensure that SEC takes them over and where forensic audit needs to be done, we will make sure that it is carried out,” the lawmaker said.