The suspended director-general of the Securities and Exchange Commission, Mounir Gwarzo, is facing at least two enquiries over his role as helmsman of the commission since 2015.
Apart from the administrative enquiry ordered by the Minister of Finance, Mrs Kemi Adeosun, Gwarzo is also being investigated by the Economic and Financial Crimes Commission.
EFCC wants to unravel the owners of the nine companies that were awarded contracts by the SEC under Gwarzo.
They include Outbound Investment Limited, Medusa Investments Limited, Northwind Environmental Services, Micro-Technologies Limited, Tida International Limited, Outlook Communications, Acromac Nigeria Limited, Balfort International Investment Limited and Interactiven Worldwide Nigeria Limited.
According to the EFCC, Gwarzo, his wife and other cronies allegedly used these companies to carry out illegal transactions in SEC.
Gwarzo, 30 months old as SEC DG, was suspended by the finance minister over allegations of financial misappropriation.
He replaced Ms. Arunma Oteh, who resigned in January 2015. Gwarzo was then the Commissioner in charge of operations.
Finance Ministry’s Deputy Director of Information, Mrs Patricia Deworitshe in a statement on Wednesday said that the suspension was to allow an unhindered investigation into several allegations of financial impropriety levelled against Gwarzo.
Deworitshes said that Mr Abdulsalam Naif Habu, Head of Media Division, SEC and Mrs Anastasia Braimoh, Head of Legal Department of SEC had also been suspended.
“The suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.
“The Minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General.
“She has directed the suspended SEC Director-General to immediately hand over to the most senior officer at the Commission, pending the conclusion of investigation by the API,” she said.
Gwarzo allegedly paid himself N104 million severance package when he was appointed DG SEC from the position of a Director in the same commission.
This is in total disregard to the standing rule in the civil service which states that severance benefit can only be paid to an employee who has concluded his or her service or has completely disengaged from service.
Since Gwarzo was promoted within the commission to become a Director-general, the service rule says that he’s not yet entitled to a severance package.
About Article Author
Latest Nigeria News
- 4 University Students Die After Fatal Accident Inside The Campus
- Arewa Youths Back Saraki, Caution Oshiomhole On Utterances
- 2019: Photos From Dankwambo's Visit To Obasanjo
- Quitting Super Eagles: Uncovering why Victor Moses takes a bow, premature departure
- Breaking: Victor Moses retires
- Kante: ‘World Cup achievements, beyond my dreams’
- Saraki considers running against Buhari in 2019
- Arthur, the new Barcelona’s Xavi Hernandez
- Ramos mocks Jurgen Klopp’s record in cup finals
- Eden Hazard verus Mesut Ozil ahead of EPL clash
- Guendouzi: Arsenal can win EPL title
- Give us courts to develop beach soccer— Nimrod begs el-Rufai
- Osinbajo to meet NFF President over crisis
- 018 NYG: Team Oyo picks 4 slots at S/west zonal eliminations
- INEC Chairman Presents 2019 INEC Budget To Senate (Photos)
- Landlord Who Led Armed Robbers To Rob Neighbour Arrested
- INEC to feed police with N6bn in 2019 polls
- Experts worry over rising cyber security poverty line in Nigeria
- Driver crushes LASTMA officer
- GTBank to increase loan book by 10%
- Zinedine Zidane is replacing one of the Manchester Clubs
- Student Who Scored 364 In JAMB Receives N5m Cash (Photo)
- Presidency Speaks On Buhari Extending 10-day London Vacation
- SARS Caught "Extorting Passengers" Despite Osinbajo's Order
- Female Corper Knocked Down By Reckless Driver In Lagos
- Story Of Abuja Wild Forest Where "All Kinds Of Things" Happen
- Oil prices down by 13% over growing US crude inventories
- MTN secures N200bn loan from Diamond bank, 11 others
- Pastor's Wife Attacked For Brutalizing Her Little Maid (Maid)
- Kemi Adeosun's Certificate: SERAP Drags NYSC Boss To Court
- Fraudster Impersonating Nollywood Actor To Defraud People Arrested In Lagos
- 2019: Tinubu tackles Obasanjo
- Police lost 15 operatives to Bandits in two months; families demand compensation
- Investors panic as prices of Bitcoin, others plummet
- Nigeria’s inflation drops again in July
- Update On How 35 Died As Bridge Collapsed In Italy (Photos)
- Buhari To Take Action On New DSS Boss and Daura
- Thief Arrested While Preparing Pepper Soup With Stolen Goat
- The Leadership In Nigeria Today Has Lost Focus - IBB
- 2019: I’m not desperate to be President – Atiku