The suspended Director-General of the Securities and Exchange Commission, Munir Gwarzo has reacted to the decision of the House of Representatives ratifying his removal as the Director General of the Securities and Exchange Commission, SEC, by the Minister of Finance, Mrs.Kemi Adeosun.
Recall that the House of Representatives had through its committee on capital markets and institutions okayed the suspension of the former DG. The House noted that the suspension followed public service rules.
The Former D-G has come out to fault the decision of the house, he noted that the Minister lacked the authority to suspend him as the power lies solely in the President of the Federal Republic of Nigeria based on her recommendation and upon the confirmation from the Senate as clearly captured in S5 (1) ISA 2007.
He also argued that the Public Service Rules (PSR) [PSR 03405 and PSR 03406] upon which he was suspended do not exist in Nigeria’s Public Service Rules.
According to him, PSR 030405 merely provides for the responsibility of an indicted officer or officer under suspension to make notification of his intention to leave his station or the country. While PSR 030406 requires a prima facie case to be established against an officer before he could be suspended which in this case it has not been established.
While appearing before the House Committee on Capital Market, 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 states that 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.