Director General security and exchange commission (SEC) Mr. Mounir Gwarzo has been suspended by finance minister over allegations of financial impropriety and abuse of office in addition to two other management staffs.
other management staffs involved include the head of media division, Abdulsalam Naif Habu, and the head of the legal department, Mrs. Anastasia Omozele Braimoh.
Gwarzo was alleged to have paid himself an N104m severance package. Other allegations were: “He is a director in Medusa Investment Limited, in violation of Public Services Rules (PRS) 030424. He awarded contracts to the same company and other companies to which he is related, thus resulting in a conflict of interest.”
The Minister of Finance, Mrs. Kemi Adeosun, said his suspension would pave the way for unhindered investigation and was also in line with PSR 03405 and 03406, adding that a panel to determine his culpability had been set up.
Gwarzo has been directed to immediately hand over to the most senior officer at the commission, pending the conclusion of the investigation.
Reacting to the development, the president of Constance Shareholders Association of Nigeria, Shehu Mallam Mikail, urged the government to involve the Economic and Financial Crimes Commission (EFCC) in the investigation.
He said: “If the government wants to fight corruption in the capital market, they must involve the services of the EFCC in order to ascertain the true state of the matter. If he is found guilty, he must be brought to book. Many things are actually going on in the commission because the reference made on the account number and the company is proof that there is more to it.
“This will not affect the capital market. Instead, it will instill confidence in the minds of investors that government is sincere and transparent, and is ready to flush out bad eggs on the market. It will serve as a deterrent to whoever takes over.”