Adeosun suspends SEC DG, 2 others over alleged improprieties

Minister of Finance, Mrs Kemi Adeosun

MINISTER of Finance, Mrs Kemi Adeosun Wednesday has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir H. Gwarzo and two other management staff from office, citing financial impropriety.

Although a statement from Deputy Director, Information in the ministry, Patricia Deworitshe, did not cite the actual maleficence, SEC sources hinted that Gwarzo was being accused of collected Severance Package in the sum of N104,851,154.94 while still in service.

He has also continued to serve as a Director in Medusa Investment Limited, in violation of Public Service Rules (PRS) 030424.

In addition, the suspended DG was said to have awarded contracts to the same company and other companies to which he is related, thus resulting in a conflict of interest.

The suspension is to allow for an unhindered investigation of several allegations of financial impropriety levied against the Director-General.

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 suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.

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

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