Although the Director General of Nigeria’s Securities and Exchange Commission, SEC Mounir Gwarzo has been suspended and placed under investigation, Oando has not been let-off the hook.

The Minister of Finance, Kemi Adeosun said on Friday that the government has not ordered a halt to the investigation of the oil company.

Forensic auditors have resumed work at the oil company, Adeosun said in a statement, adding that the ministry has approved the original decision to carry out the audit at Oando.

Last week, the minister suspended SEC Director General, Mounir Gwarzo over allegations of financial impropriety.

Observers are wondering if it was a coincidence that the suspension came after Gwarzo started investigation into Oando’s shareholding structure and froze trading in its shares.

Also Read: Buhari Appoints New Acting DG Of SEC To Replace Gwarzo

Lawmakers are probing the suspension, saying that they would look into the ministry action in search of interference with SEC’s investigation.

Recall that Adeosun had set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General.

Meanwhile, Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission, EFCC has joined the investigation.

A fortnight ago, EFCC announced that it wants to unravel the owners of the nine companies that were awarded contracts by SEC under Gwarzo.

The companies include: Outbound Investment Limited, Medusa Investments Limited, Northwind Environmental Services, Micro-Technologies Limited, Tida International Limited, Outlook Communications, Acromac Nigeria Limited, Balfort International Investment Limited and Interactive Worldwide Nigeria Limited.

According to the EFCC, Gwarzo, his wife and other cronies allegedly used these companies to carry out illegal transactions in SEC.

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