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Home Business News

ICPC drags suspended SEC DG to court

Fikayo Owoeye by Fikayo Owoeye
May 8, 2018
in Business News
Mounir Gwarzo

Suspended SEC DG, Mounir Gwarzo

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The Independent Corrupt Practices and other related offenses Commission (ICPC) has preferred charges against the suspended Director -General of the Securities and Exchange Commission, SEC, Mr. Mounir Gwarzo.

According to the Punch, the charge sheet with number CR /185 / 18, which was filed before a Federal Capital Territory High Court, Abuja.

Details of the charges leveled against Gwarzo

  • According to ICPC, Gwarzo received over N104 million as severance benefit less than a month after his appointment.
  • The suspended SEC boss was also accused of receiving over N10 million as a ‘car grant ’ contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000.

Recall that the former SEC DG was suspended by the Minister of Finance, Mrs. Kemi Adeosun, in November 2017 for alleged financial impropriety.

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An Administrative Panel of Inquiry set up to look into allegations leveled against the suspended Director-General revealed financial misappropriation and abuse of office.

Gwarzo however claimed he was suspended and being witch-hunted for refusing to halt the forensic audit conducted on the affairs of Oando Plc.

Finance Minister, Kemi Adeosun insisted that the suspension was a result of allegations of his misconduct. She also stated that the decision to suspend Gwarzo was a move to protect the capital market.

According to her, documents obtained from the Corporate Affairs Commission (CAC).  state 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.

 

 


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Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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