New Capital Market probe panel says no witch-hunting

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BY EMMAN OVUAKPORIE

ABUJA – CHAIRMAN, ad-hoc Committee on Capital Market in the House of Representatives, Ibrahim El-Sudi,  yesterday, assured all stakeholders that the investigative panel looking into the activities of the capital market will not witch-hunt anybody.

In a statement, El-Sudi said: ”In line with the House of Representatives’ resolution of Tuesday, March 20, this ad-hoc committee will begin a fresh open hearing to identify the causes of problems militating against the smooth operations of the Nigerian capital market.

“We are here fresh in blood and mind, seeking to reverse the myriad of problems seeking to destroy our economy through the capital market.

“Based on the fresh mandate, this committee has resolved to carry out an independent inquest into the issues and urge all stakeholders to give us maximum cooperation.

“The main objective of the open investigation is to find out the factors that led to the dwindling fortunes of the Capital Market and ways to arrive at corrective measures to put it back on its feet.

“Accordingly, the committee wishes to point out to all stakeholders that the principles of fairness, equity, justice and freedom of expression will be the hallmark of this fact-finding exercise.

“This committee wishes to assure Nigerians and stakeholders in the Capital Market that the investigation will be comprehensive and thorough so that at the end of the day, the factors that produced those negative trends and almost killed our Capital Market will be properly identified and resolved.

“What is important is that at the end of this investigation, the desire of the House of Representatives that the Nigerian Capital Market bounces back to life and even stronger to the admiration of both international and local stakeholders is realized.

“Indeed, we need to bring back investors’ confidence in the Capital Market and this is what we intend to achieve with this exercise.

“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. It is not a trial nor is it an attempt to witch-hunt or victimise anybody but to ensure that the Capital Market is brought back to life.”

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