The House of Representatives sub Committee on Capital Market and Institutions, Thursday, mandated the Securities and Exchange Commission, SEC, to take over Capital Oil Plc, a public liability company incorporated in Nigeria since 1985, over alleged financial infraction amounting to over N2billion shareholders fund.

This mandate was given by the Sub-Committee Chairman, Tony Nwulu, at the ongoing public hearing on the compliance of companies with operational and regulatory requirements at the National Assembly Abuja.

The lawmakers, in session, also directed that all former Chief Executives of the company and management should be summoned to give account of how the company collapsed after collecting N2billion from the capital market.

Meanwhile, shareholders under the aegis of Progressive Shareholders Association of Nigeria, PSAN, has kicked against the move by the Legislature ordering SEC to take over the company, saying it is a misplacement of priority.

Source: Vanguard