The Director General of the Securities and Exchange Commission, Mounir Gwarzo, has been suspended.
The suspension of Gwarzo was contained in a statement by the Ministry of Finance, signed by the Deputy Director of Press of the Ministry, Patricia Deworitshe.
He was suspended alongside two other members of the Commission, Abdulsalam Naif Habu, the Head of Media Division, and Anastasia Omozele Braimoh, the Head of Legal Department.
According to the statement, the Minister of Finance, Kemi Adeosun, ordered the suspension to allow for an unhindered investigation of several allegations of financial impropriety leveled against the Director-General.
Deworitshe said the suspension is in line with the Public Service Rules 03405 and 03406.
The statement added: “The Honourable 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 handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.”
The statement said Habu and Braimon “have been alleged to engage in financial impropriety in the Commission”.
As earlier reported by The Eagle Online, Gwarzo was accused having collected severance package of N104,851,154.94 while still in service; remaining a Director in Medusa Investment Limited, which is in violation of Public Service Rules 030424; and awarded contracts to the same company and other companies to which he is related, thus resulting in conflict of interest.
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