Alleged Fraud: FG Sacks SEC DG – Gwarzo, two others

by Per Second News
1 minutes read

By Amos Dunia, Persecond News,

Abuja – Following allegations of financial misappropriation and conflict of interest, the Minister of Finance, Mrs. Kemi Adeosun, has announced the immediate suspension of the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo from Office.


Also suspended are two management staff of the Commission namely the Head of Legal Department, Mrs. Anastasia Omozele Braimoh and the Head of Media Division Mr. Abdulsalam Naif Habu over allegation of financial impropriety against them.

Gwarzo’s suspension according to Adeosun is to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.

A statement signed by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe stated that the suspension is in line with the Public Service Rules.

Already, the Finance minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Gwarzo while serving as Director-General of SEC.

Accordingly, the minister directed the embattled Gwarzo to handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.

Checks by Forefront indicate that the suspended SEC DG, Gwarzo allegedly paid himself a Severance Package of N104,851,154.94 while still in service just as he is also a Director in Medusa Investment Limited, in violation of the Public Service Rules (PRS) 030424.

Gwarzo was also alleged to have awarded contracts to the tune of about N500 million to Medusa Investment Limited and other companies to which he has interest, thereby resulting in a conflict of interest.

The suspensions according to Minister of Finance is in line with the anti-corruption drive of the present administration.


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