Billionaire business mogul, Ifeanyi Ubah is about to have another brush with the authorities.

On Thursday, a sub-committee of the House of Representatives on Capital Market and Institutions asked the Securities and Exchange Commission to take over Ubah’s Capital Oil Plc for allegedly defrauding shareholders of more than 5 billion naira.

The committee, which is chaired by a lawmaker from Lagos State, Tony Nwulu, is investigating the level of compliance with operational and regulatory requirements by publicly-quoted companies.

Speaking at the committee’s hearing at the National Assembly in Abuja, Nwulu said the panel had information detailing “shocking revelations” on how successive management teams of Capital Oil had allegedly mismanaged shareholders’ funds.

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He said SEC must sanction the company and other firms involved in insider abuses to serve as a deterrent.

“We are extending this warning to all the publicly-quoted 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,” Nwulu stated.

Commenting specifically on the situation in Capital Oil, the chairman added: “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.”

Nwulu told the session that the House would follow the matter to a logical conclusion by ensuring that those who committed the abuses would be punished.

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