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
- Nigeria Banks missing among Africa’s best
- Buhari bears fangs, finally replies Obasanjo
- CBN retains interest rate at 14%
- Metuh’s lawyer back to court after withdrawing as his counsel
- Police close in on remaining 2 gang leaders of Offa bank robbery after arresting two
- Nigerian cult group driving sex trafficking trade in Italy
- Focus on getting fundamentals right for the Future readiness of our children
- APC paralle Congresses: Bindow, Boss, Nyako, Babachir and matters arising in Adamawa
- How FG failed in its promise to unbundle NNPC
- Maritime industry present great opportunity for economic rebirth, says Dakuku Peterside
- Maintenance, repair, overhaul facilities will boost aviation industry – Minister
- MasterCard Foundation to empower 30m young Africans
- Tackling the Unemployment situation in Africa by boosting Future readiness
- Ensure peace, security in your communities – Ambode urges Traditional Rulers
- Smugglers make $500m smuggling people into US
- Lagos Police Command nab cybercrime kingpin
- Rising crude oil price fails to boost Nigeria’s economy
- Army, Police contain IPOB threat to Ohaneze’s summit on restructuring
- Herdsmen killings: Christian Network raises alarm of looming anarchy
- Police nab Offa robbery key suspects
- Presidential race 2019: Obasanjo takes anti-Buhari campaign to Afenifere Leader, Fasoranti
- Tinubu mandates new APC Executive in Lagos to promote unity
- Top Healthy Snacks For Kids
- Boko Haram still control parts of North East Nigeria
- Buhari to receive 2018 budget this week – Reps
- $15 million: Jonathan’s suit against EFCC stalled
- Coalition protests in Ilorin in support of IGP Idris
- Story Of Woman Who Was "Sacked" For Giving Birth To Triplets
- Medical Doctor turned Thief defrauds car dealer N28m, arrested by Police in Lagos
- Olisa Metuh Collapses In Court, Judge Reacts Angrily
- Woman Drugs, Kidnaps Friend After Luring Her To Hotel In Lagos
- Obasanjo visits Afenifere leaders: "We have to rescue Nigeria"
- You must marry corpse of our daughter – family tells boyfriend
- Explore Nigeria With These Top Four Tour Operators
- Buhari To Lead 1 Million Nigerians For Democracy Walk
- Dino Melaye: I Was Never Framed Up, Arraigned For Fighting GEJ
- Offa Robbery: Police Finally Nab Two Notorious Leaders
- Woman Rescued From Suspected Kidnappers, Ritualists In Lagos
- PRAYER FOR TODAY
- Obasanjo identifies 4 ways to prevent insecurity