FG Suspends SEC DG Mounir Gwarzo, Two Others

By Dipo Olowookere

Federal Government has finally wielded its big stick on Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.

Mr Gwarzo was accused of paying himself the sum of N104 million as severance package after he was appointed as the DG of the capital market regulator in 2015 after the resignation of the former occupier of the seat, Ms Arunma Oteh.

A statement signed yesterday by the by Deputy Director in the Ministry of Finance, Patricia Deworitshe, disclosed that the suspension was approved by the Minister of Finance, Mrs Kemi Adeosun.

According to Ms Deworitshe, the suspension was to allow unhindered investigation of fraud allegations levelled against the SEC boss.

“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,” the statement disclosed.

It was also stated that the Head of Legal Department, Mrs Anastasia Omozele Braimoh, and Head of Media in SEC, Mr Abdulsalam Naif Habu, have also been suspended because they were also accused of receiving contracts from the commission through their companies.

 “Also suspended are two management staff of the commission – Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the commission,” the statement noted.

It was explained that, “The suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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