Some capital market operators on Saturday applauded the industrial court judgment on the reinstatement Malam Mounir Gwarzo as the Director-General of the Securities and Exchange Commission (SEC).
The operators, who spoke with newsmen in Lagos, while reacting to the judgment, urged the Federal Government to obey the court order.
The Tide source reports that the National Industrial Court, Abuja, on May 30 ordered the immediate reinstatement of Mounir Gwarzo, the suspended SEC boss.
Justice Sanusi Kado, in his judgment, held that the minister of finance, named as the second defendant in the suit, lacked the power to suspend the claimant.
Kado, who dismissed three issues raised by defence counsel through their preliminary objection, ruled that the suit was not status barred.
He held that since there was a cause of action in the claimant’s suit, he (the claimant) had the right to commence the suit by way of originating summon.
Kado said the issue in dispute was not about the position of the claimant as the director general of the Commission; the bone of contention was who had the power to suspend him.
The judge held that the second defendant (Minister of Finance) did not have the power to suspend the claimant since he was not an employee of the commission.
The Chief Operating Officer, InvestData Ltd, Mr Ambrose Omordion, Mr Ambrose Omordion, said that the judiciary is the last hope for the citizens.
Omordion said that the court ruled in Gwarzo favour because the allegations were false.
He said that his reinstatement would not affect the market because he was not in acting capacity when he was suspended and had spent substantial time of his tenure.
“There is no problem by reinstating him, if only the government will accept the ruling and do the needful by appointing board to check the excess of the director-general.
“Government should also take decision that will further deepen the investment and financial market and as well strengthen investors confidence,” Omordion said.
The National Coordinator, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said that shareholders were in support of the court’s ruling.
“If a competent court ruled that Gwarzo should be reinstated, government should obey the court order and those who are to implement should notify him to resume,” Okezie said.
He noted that SEC had been working without board for four years now.
Okezie said that the commission needs a substantive director-general as the current leadership was all in acting capacities.
“So, Gwarzo should go back to his desk to direct the affairs of the commission without further delay.
“This back and front will not help SEC as currently being witnessed and Government must see the need to reorganise that commission to move the capital market forward,” Okezie stated.
The Publicity Secretary, Independent Shareholders Association of Nigeria, described the order as a welcome development.
“I appeal to the Federal Government to obey the court ruling without further delay, “ Igbrude said.
He called on Gwarzo to learn from the whole thing and forgive those behind his travails, especially now he had been vindicated.
Malam Shehu Mikail, The National President, Constance Shareholders Association of Nigeria, said that the rule of law should prevail.
Mikali said that Gwarzo’s suspension was as a result of Oando Plc forensic saga adding the need for the government to comply with the industrial court’s ruling.