Suspension Saga: Adeosun Faults Gwarzo’s Claims On Forensic Audit, Severance Package
BY COBHAM NSA, ABUJA – Minister of Finance, Mrs Kemi Adeosun has maintained that due process was followed in suspending Mr Munir Gwarzo as Director-General of Security and Exchange Commission (SEC) over alleged abuse of public office
According to her, contrary to views expressed by the embattled SEC boss, the suspension order remains valid and in line with extant public service rules, adding; “Mr Munir was suspended in accordance with the Public Service Rules (PSRs) 03405 and 03406,”
Speaking at an investigative hearing by House of Representatives Committee on Capital Market and Institutions on Tuesday, Mrs Adeosun said the action was taken to sustain the confidence of investors and safeguard the Nigerian capital market’s integrity.
She told the committee that as SEC Director General, Gwarzo still retained his directorship position in a private company, thereby contravening existing public service rules.
Explaining that the Investment and Security Act (ISA) empowers her to act in absence of Commission’s board, Mrs Adeosun said suspending Gwarzo was to ensure that investigations into several allegations of financial impropriety against him are not allow impeded.
On claims that the suspended Director General drew N104 million from the Commission as his severance package for serving as a Director, the Minister said the action violated extant public service financial rules that severance benefits are only due to an employee, having completed his or her service or having completely disengaged from service.
Mrs Adeosun also described as ‘laughable’ and ‘mischief’ to link Gwarzo’s suspension to the forensic audit being conducted on Oando and Oasis Insurance Companies, adding that, the forensic investigations on the companies are still on-going, even as she denied ever interfering in the current process.
However, in his submission at the public hearing, Mr Gwarzo questioned the Minister’s powers to suspend him, claiming that the action was a witch-hunt following his decision to investigate Oando and Oasis Insurance companies.
According to him, never in the history of SEC has its activities witnessed such rampant level of interference as exhibited by the current leadership in the Federal Ministry of Finance.
He claimed that his sin remains the refusal to heed Mrs Adeosun’s charge that the forensic audit on Oando and Oasis insurance companies should be halted, adding that the Minister seems to show special interest in both companies.
On accusations of keeping his job as a director of a private company while working in SEC, Gwarzo said having left the firm since 2012, proper documentation of his resignation was the responsibility of the company’s secretary, adding that the responsibility to remove his name from the company’s nominal roll was that of the management.
Addressing parties and capital market stakeholders at the public hearing, Chairman of the House Committee, Tajudeen Yusuf, an APC lawmaker form Kogi State, said members will reconvene on a later date with all affected parties for further hearing.
Suspended alongside Gwarzo in the current saga were SEC’s Head of Media Division, Mr Abdulsalam Naif-Habu and Head, Legal Department, Mr Anastasia Braimoh.
