Mounir Gwarzo, Suspended D-G, SEC

The battle between the Securities and Exchange Commission (SEC) and Oando Plc seems to have taken another twist, as an alleged petition against the Director-General (DG) of SEC  Mounir Gwarzo has leaked. SEC is the apex regulator of the Nigerian capital market.

The allegations levelled against Gwarzo

According to sources, Gwarzo is accused of collecting a severance package of a N104 million, despite advice from SEC’s legal department not to do so, since he was still in the employ of the commission. Prior to his appointment as Director-General of the commission in 2015, Gwarzo was an Executive Director. The acting head of the legal department had objected to the offer since severance packages were meant for officials who have disengaged from an organization.

The Director-General was also accused of awarding contracts to companies controlled by wife and brother. Outward Investment Ltd a company allegedly controlled by Gwarzo and his wife was said to be the sole supplier of diesel to SEC since he assumed office.

Another company, Northwind Environmetal Services allegedly controlled by Gwarzo’s brother was awarded the contract to clean the commission’s Kano zonal office.

Is the hunter now the hunted

The timing of the petition is suspect as SEC is currently in a tussle with Oando Plc over moves to conduct a forensic audit on the company’s affairs. Oando has kicked against the move, and obtained a court order restraining SEC from carrying on with the audit. Why was the petition not publicized prior to now ?

What happens next ?

Neither SEC nor Gwarzo have issued a reply to the alleged petition. The House of Representatives, which was in possession of the petition, and summoned Gwarzo a few weeks ago on the allegation against Oando Plc, is yet to issue a statement.

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