The Minister of Finance, Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.
In a statement signed by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe on Wednesday, November 29. Gwarzo is suspended in order to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.
The suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.
Adeosun has therefore set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General.
The statement added that “She has 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.”
According to the statement,“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.”
Gwarzo becomes the second SEC DG that has been suspended in office. Immediate past DG, Arunma Oteh was also suspended in controversial terms by her commissioners. She was later reinstated by the government of Goodluck Jonathan.
Gwarzo as DG of SEC has prosecuted high profile cases including the suspension of Oando Plc trading on the Nigerian stock exchange. He also approved the suspension of the former directors of BGL.
More details later….