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The suspended Director-General of Nigerian Securities and Exchange Commission (SEC), Mounir Gwarzo, on Monday, filed a suit before the National Industrial Court, Abuja, challenging his suspension by the Minister of Finance, Kemi Adeosun.

Gwarzo through his counsel,  Mr. A.U.Mustapha (SAN) wants the court to determine:

Recall that the former SEC DG was suspended by Kemi Adeosun in November 2017 for alleged financial impropriety.

An Administrative Panel of Inquiry set up to look into allegations levelled 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 into the affairs of Oando Plc.

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) reveal 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.

SEC is the apex regulatory institution of the Nigerian capital market supervised by the Federal Ministry of Finance.


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