Kemi Adeosun Suspends SEC DG Over Alleged Financial Impropriety

The nation’s finance minister, Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo over allegations of financial impropriety leveled against him.

The Minister of Finance noted that the suspension is to allow for an unhindered and thorough investigation into the several allegations against him.

The latest development was communicated in a statement signed by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe on Wednesday, November 29.

Pending the final decision on the matter however, the Finance Minister has set up an Administrative Panel of Inquiry, API, which will look into the matter and investigate the connection of the suspended official.

The statement released noted that “She has directed the suspended SEC Director-General to immediately hand over to the most senior officer at the Commission, pending the conclusion of the investigation by the API. Also suspended are two management staff of the Commission – Mr Abdulsalam Naif Habu, Head of Media Division and Mrs Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.”

The suspension as announced by the Finance Minister comes after the DG SEC was accused of collecting severance package in the sum of N104,851,154.94 while still in service.

Mr Mounir Gwarzo is also reported to have authorized the approval of some contracts to the same company and other companies to which he is related.