Facebook
Twitter
Instagram
Classic TV
Google Plus
RSS Feed

On Air

with Chico
Weekdays: 6pm - 10pm

Listen Live

SEC Probe: Panel Recommends Gwarzo’s Dismissal

The Administrative Panel of Inquiry into allegations of violation of Public Service Rules by suspended Director-General (D-G) of the Securities and Exchange Commission (SEC) Mr. Mounir Gwarzo, has recommended his dismissal from public service.

 

He is to be “dismissed from public service of the federal government for holding the position of a Director in private companies (Medusa Investment Limited and Outbound Investments Limited) while serving as the Director-General of SEC in breach of Public Service Rule (PSR) 030424, PSR, 030402 and Section 6 of the Investments and Securities Act, 2007,” it was recommended according to a presidency sources.

 

In addition, the panel headed by the Permanent Secretary of the Federal Ministry of Finance, Alh. Mahmoud Isa-Dutse, recommended that Mr. Gwarzo should refund the N104, 851, 154.94 which he illegally collected as severance package from SEC. Sources said that it was recommended that Mr. Gwarzo be referred to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for further investigation of the allegation of using his position as Director-General to influence the award of contracts to Outbound Investments Limited in view of provisions of Sections 57 (12) (b) and 58 (5) of the Public Procurement Act, 2007. On the other senior staff:  Mrs. Anastasia Braimoh and Mr. Abdulsalam Naif, who ran into trouble along with Mr. Gwarzo, the panel recommended that they be referred to SEC for appropriate disciplinary actions, in line with the provisions of the Staff Manual of SEC.

 

Within a week of his appointment as D-G of SEC in May, 2015 Mr. Gwarzo requested that he be paid the sum of N104.8 million as severance package in respect of the end of his appointment as Executive Commissioner, a position he occupied for two years and four months. The request, made via a memo dated May 26, 2015, was referred to Mrs. Chukwuogor Franca, then acting Head of Legal Department. It was learnt that Mrs. Chukwuogor advised against honouring the request made by the then DG, as according to her, the D-G was still working in SEC.  In spite of the legal advice, Mr. Gwarzo had his way.

 

On his breach of PSR by holding his position as director in two private companies while working in SEC, the panel, as learnt obtained Corporate Affairs Commission (CAC) documents which indicated that Mr. Gwarzo was still listed as a shareholder as at November 7, 2017. It was learnt that the former D-G told the panel that he resigned his directorship of the said companies in 2012, contrary to CAC documents. It was equally established that he was still a signatory to the bank account of Medusa Investment Limited with one of the new generation banks, as at the time the panel was sitting. “When the panel confronted Mr. Gwarzo with copies of letters dates 24 July, 2015 (Request for Change of Account Officer) and that of 16th August 2016 (Request for Naira Credit Card for Directors of Medusa Investments Limited) he admitted to have authored and signed the said letters , but claimed that it was a regrettable action,” it was learnt.

 

Connect

Facebook
Twitter
Instagram
Beat TV
Google Plus
RSS Feed
Download our apps

Contact

We are located at 26 Keffi Street, Off Awolowo Road, Ikoyi, Lagos

Telephone:

+234 (0) 1270.1020

+234 (0) 1463.1700

+234 (0) 1463.1701