Chairman, Senate Committee on Capital Market, Senator Ganiyu Olanrewaju Solomon, has said that last Friday’s ruling of a Federal High Court reinstating former Director-General of  Nigerian Stock Exchange, NSE, Prof Ndi Okereke-Onyuike, who was sacked on August 5 last year by  Nigerian Security and Exchange Commission, SEC, over allegations of misconducts has vindicated the position of his committee.

Solomon, however, canvassed a total overhaul of SEC, saying the leadership’s activities in the last 18 months had been nothing but irrational and warned that except the presidency quickly waded in, it might further plunge the nation into very serious financial crisis.

The senator representing Lagos West senatorial district, said he was particularly not surprised at the ruling delivered Friday by Justice Muhammed Idris of the Federal High Court, Ikoyi, because no court of sound competence would “uphold illegality and trample on due process which is the strength of any institutional reform.

“Not only was Justice Idris straight to the point in delivering his judgment, his choice of words, I believe,  was just in tune with our description of the highhanded and irrational dispositions of the leadership that SEC represented in the last 18 months. Whatever their reservations  about the former DG, it does not justify the fact that her removal was in clear contravention of the rules guiding the operations of SEC.”