Finance Minister Suspends SEC Boss, Mounir Gwarzo, Others Others over Financial Impropriety

Finance Minister of Finance, Mrs. Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo from Office, to allow for an unhindered investigation of several allegations of financial impropriety levelled against the him.

In a press release signed by Deputy Director Press of Federal Ministry of Finance, Patricia Deworitshe said the suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.

The Minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General.

Adeosun further directed the suspended SEC Director-General to immediately hand over to the most senior officer at the Commission, pending the conclusion of the investigation by the API.

Also suspended are two management staff of the Commission – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.

The Economic Confidential further gathered that among the allegations against Mr. Gwarzo was that he collected Severance Package in the sum of N104,851,154.94 while still in service.

He is also alleged to be a Director in Medusa Investment Limited, in violation of Public Service Rules (PRS) 030424 and awarded contracts to the same company and other to which he is related, thus resulting in a conflict of interest