Suspension of DG SEC, legitimate – Adeosun tells Reps

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    SEC DG Mr Mounir Gwarzo
    Suspended DG of Securities and Exchange Commission (SEC), SEC DG Mr Mounir Gwarzo

    By EricJames Ochigbo

    Minister of Finance, Mrs Kemi Adeosun, on Tuesday insisted that suspension of Mr Munir Gwarzo, Director-General of Security and Exchange Commission (SEC), was legitimate.

    At an investigative listening to organised by House of Representatives Committee on Capital Market and Institutions on the difficulty, the minister stated that the suspension was in keeping with public service guidelines.

    She stated that the motion grew to become crucial with a view to maintain the boldness of traders and safeguard the integrity of the Nigerian capital market.

    The minister alleged that Gwarzo was a director in a non-public firm whereas in workplace because the DG of the commision, thereby violating public service guidelines.

    “Mr Munir was suspended in accordance with the Public Service Rules (PSRs) 03405 and 03406,” she stated.

    According to her, the Investment and Security Act empowers the minister to behave in absence of the board.

    The minister defined that the suspension was to permit unhindered investigation into a number of allegations of economic impropriety in opposition to Gwarzo.

    She stated that it was alleged that the previous director-general paid himself N104 million as severance bundle after he was appointed from the place of a Director in the identical fee.

    She stated that the act contravened civil service standing rule that severance profit might solely be paid to an worker who had concluded his or her service or had fully disengaged from service.

    On the allegations linking Gwarzo’s suspension to the forensic audit being carried out on Oando and Oasis Insurance Companies, Adeosun stated “it is mischief to link the matter to Oando”.

    She famous that the forensic investigation on the businesses was nonetheless ongoing and that she was not interfering in it.

    But, Gwarzo challenged the powers of the minister to droop him, alleging that he was being hunted for investigating Oando and Oasis Insurance firms.

    He alleged that the extent of interference within the actions of the fee by the minister had by no means been recorded within the historical past of the organisation.

    Gwarzo alleged that Adeosun had advised him earlier than his suspension to cease the forensic audit on Oando and Oasis insurance coverage firms.

    He accused the minister of getting particular curiosity in these firms.

    Gwarzo stated that he had resigned as director of the non-public firm since 2012, including that correct documentation of his resignation was the accountability of the corporate’s secretary.

    He stated it was not his obligation to make sure that his title was faraway from nominal roll of the corporate by the administration.

    Head of Media Division of SEC, Mr Abdulsalam Naif-Habu and Head, Legal Department, Mr Anastasia Braimoh, have been suspended together with Gwarzo.

    In his remarks, Chairman of the committee, Rep. Tajudeen Yusuf (Kogi-APC), stated the committee would reconvene with all affected events for additional listening to on a later date.

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