SEC’s Gwarzo, others suspended; probe begins

Embattled Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo, has been suspended from office on the orders of Minister of Finance, Mrs. Kemi Adeosun.
A statement from the Ministry, signed by the deputy director, in the press unit, Patricia Deworitshe, the suspension is to allow for an unhindered investigation of several allegations of financial impropriety leveled against the Director-General.
She adds, “the suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.
“The Honourable Minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General.
“She has directed the suspended SEC Director-General to immediately handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.
“Also suspended are two management staff of the Commission – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.”
Other sources however listed the alleged sins against Gwarzo, which include an allegation that he collected a Severance Package of N104,851,154.94 while still in service.
On Wednesday, a source said investigations are on into a company called Medosa Limited, and its shareholding arrangement said to include a top gun in SEC, in violation of Public Service Rules (PRS) 030424.
In addition, the investigations include scrutiny into contract awards to the same company and other companies to which directors of SEC are allegedly related, thus resulting in a conflict of interest