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A panel set up by the Minister of Finance, Kemi Adeosun has recommended the dismissal of the suspended Director General of the Securities and Exchange Commission (SEC) Mounir Gwarzo from the civil service.

The panel headed by the permanent secretary Ministry of Finance, Mahmoud Isa-Dutse,  had discovered that Gwarzo of the Public Service Rules by awarding contracts to firms in which he had interests, and embarking on extra budgetary expenditure.

The events that led to his facing a panel 

Gwarzo was suspended last year, to allow through investigation of a petition submitted against him. He was alleged to have awarded contracts to companies in which he had interest. Gwarzo also collected the sum of N104 million as severance package after he was appointed as Director General.

Other recommendations by the panel

The panel also advised that Gwarzo be made to face the Independent Corrupt Practices Commission (ICPC) over the allegations. In addition, the panel recommended that Gwarzo should refund the sum of N104 million which he collected as severance package.

Two other staff of the commission, Anastasia Omozele Braimoh and Mr. Abdulsalam Naif H suspendedalongside Gwarzo, were referred to SEC for appropriate disciplinary action in line with the provisions of the commission’s staff manual.

Gwarzo’s counter accusations against Kemi Adeosun

Gwarzo however has accused the Minister of suspending him for his refusal to stop the forensic audit into the affairs of Oando Plc. Two aggrieved shareholders of the firm, Dahiru Mangal and Gabriel Volpi had sent a petition to the SEC alleging Oando’s management had mismanaged the firm and denied them representation on the board. Mangal has however withdrawn his petition, following a peace deal brokered by the Emir of Kano, Sanusi Lamido Sanusi.

Adeosun however denied the allegations, and accused Gwarzo of attempting to blackmail her. A memo sent to her, had contained a message that any action taken against the suspended DG would be leaked to the press.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com