Alleged Fraud: FG Suspends SEC DG-Gwarzo, Others

BY AMOS DUNIA, ABUJA – Minister of Finance, Mrs. Kemi Adeosun, has announced the suspension of the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir H. Gwarzo from Office with immediate effect.

Also suspended alongside the SEC Director General are two management staff of the Commission, Head of Media Division, Mr Abdulsalam Naif Habu and Head of Legal Department, Mrs Anastasia Omozele Braimoh, that were alleged to been engaged in financial impropriety in the Commission.

Gwarzo’s suspension, according to Adeosun, is to allow for an unhindered investigation into several allegations of financial impropriety leveled against him.

A statement by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe said the suspension is in line with Public Service Rules.

Already, the Finance Minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Gwarzo while serving as Director-General of SEC.

Accordingly, the minister directed the embattled Gwarzo to handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.

Checks by Forefront indicate the suspended SEC DG, Gwarzo allegedly paid himself a Severance Package of N104,851,154.94 while still in service just as he is also a Director in Medusa Investment Limited, in violation of the Public Service Rules (PRS) 030424.

Gwarzo is also alleged to have awarded contracts to the tune of about N500 million to Medusa Investment Limited and other companies to which he has interest, thereby resulting in a conflict of interest.

The suspensions according to Minister of Finance is in line with the anti-corruption drive of the present administration.