Lack of live coverage halts Reps’ probe of capital market

[MrVan]

By Emman Ovuakporie

ABUJA—DUE to lack of live coverage by a designated television station, House of Representatives ad-hoc committee overseeing the probe of the near collapse of the capital market, yesterday, postponed sitting till Wednesday, after May Day celebrations.

The lawmakers cited inability to beam the public hearing live as reason for the stalled probe.

The Ibrahim El-Sudi-led investigative panel blamed the botched probe on a "communication chasm" with a private television station approached for the live coverage of yesterday's public hearing.

He said: "We were supposed to air today's (yesterday) public hearing live. But there was a communication chasm with Channels Television, hence our inability to carry the probe live.

"Nigerians are interested in knowing what is happening so that confidence can be restored."

In attendance at the stalled public hearing were Yerimas Ngama, Minister of State for Finance; Dr. Kingsley Moghalu, Central Bank of Nigeria, CBN, Deputy Governor, Financial System Stability; Arunma Oteh, Director-General of Securities and Exchange Commission, SEC, bank heads and other stakeholders in the country's capital market.

Speaking with newsmen on the sidelines of the public hearing, Ngama expressed support for the panel's decision to call off yesterday's public hearing.

He said: "Many people have invested and we are trying to restore confidence in the market. So whatever we say has to be covered. Information is the key thing in the capital market.

"Investors take decision based on information available to them. Any attempt to tamper with flow of information will not actually help the market.

"I support the move and accept that everything we do in this panel must be aired live for everybody to see. The investors will know that the problems in the Nigerian capital market are being looked into."

The SEC DG refused to answer questions from newsmen.

Vanguard Nigeria