The House of Representative has ratified the suspension of the Director-General of the Securities and Exchange Commission, SEC, Mr. Munir Gwarzo, by the Minister of Finance, Mrs. Kemi Adeosun. The House took this decision, after assenting to the recommendations of its Committee on Capital Market and Institutions.
Two other staff Mrs. Anastacia O. Braimoh, Head of Legal Department, and Mr. Naif Abdulsalam, Head of Media in SEC, also suspended were however directed to be recalled from suspension immediately.
“That based on the constitutional provisions and other extant laws, as well as relevant provisions of the Public Service Rules cited and referred to, the suspension of Mr. MOunir Gwarzo, the former director-general of the Securities and Exchange Commission by the Minister of Finance should stand.”
While making his submission before the committee the suspended DG noted that his suspension was as a result of his refusal to halt the forensic audit into the affairs of Oando Plc, a claim which the Minister denied.
The Minister, in her testimony, said her action was based on the need to protect sanctity in the capital market and maintain investors confidence.
She revealed that documents obtained from the Corporate Affairs Commission show Gwarzo was a director in two private companies, which was a violation of the Civil Service Act. this she noted is also a breach of the Investment and Securities Act.
The Securities and Exchange Commission (SEC), is the apex regulatory institution of the Nigerian capital market supervised by the Federal Ministry of Finance.