- SEC Invades Oando With Armed Policemen
Armed security personnel, acting on the directive of the Securities and Exchange Commission (SEC) on Thursday allegedly invaded Oando’s head office in Lagos and disrupted the firm’s business operations.
The security personnel became residents in Oando’s Ozumba Mbadiwe office since June 3, and are said to be present at the reception, of all the office floors as well as the stairways, intimidating employees from doing their business for fear of accidental discharge.
An employee of one of the corporate tenants at the Wings Office Complex head office said he was shocked when he got to the office to see so many armed personnel on the ground floor.
A letter from the Lagos Commissioner of Police clearly explained that policemen were deployed to Oando on the directive of SEC Director-General to maintain law and order.
A legal practioner, Nkechi Agbanusi, said: “The SEC’s actions is what you can describe as dictatorial democracy, on the surface they are the regulator with the best interest of the market at heart, but in truth they are destroying value.”
Prof Pat Utomi said the greatest risk of doing business is not a market risk but regulatory risk and the general attitude of the government to business.
He said: “The problem with institutional growth in Nigeria was the way Africans relate to being in authority positions. To give a uniform of authority to most in Africa was to make them bullies instantly. Just watch the policeman, soldier, LATSMA personnel etc. deal with the public.”
This is the exact case with the SEC, which as a result of being in a position of power, is going against the laws of the country.