Reps to Probe SEC Boss’ N105m Severance Pay Mess

By Modupe Gbadeyanka

Nigeria’s House of Representatives has expressed its willingness to investigation allegation of financial misconduct against the Director-General of the Security and Exchange (SEC), Mr Mounir Gwarzo.

Chairman of the House of Representatives Committee on Capital Market, Mr Tajudeen Yusuf, told reporters at the weekend that the green chamber of the National Assembly will act fast on the matter.

It was reported last week that Mr Gwarzo allegedly influenced the payment of N104.85 million to himself as severance package for serving as an executive commissioner in SEC for 30 months.

He was also accused of awarding contracts to his associates and family members in violation of the laws of the land.

Mr Yusuf, while addressing newsmen, said though his committee was yet to receive any petition against the SEC boss, action would be taken based on media reports.

Mr Gwarzo was appointed in 2015 as the Director General of the apex capital market regulator in Nigeria by former President Goodluck Jonathan.

Speaking further with journalists, the lawmaker said his committee will meet this week to deliberate on the matter.

“I have not received the said petition on the matter. But I, like other Nigerians, have noticed that these issues have been in the media of late.

“As representatives of the people, whose responsibility is first and foremost, to ensure investors confidence and trust in the capital market of which SEC is the regulator, we will seek to know the fact of the matter,” Mr Yusuf said.