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Adeosun suspends SEC DG

Adeosun suspends SEC DG
November 29
18:11 2017

Kemi Adeosun, minister of finance, has suspended Mounir Gwarzo, director-general of the Securities Exchange Commission (SEC).

The minister said his suspension is to allow an unhindered investigation into allegations of financial impropriety levelled against him.

Abdulsalam Naif Habu, head of media division, and Anastastia Omozele Braimoh, head of legal department, were also suspended alongside the now suspended SEC boss.

TheCable had reported in October that Gwarzo allegedly got a severance package of N104 million shortly after he was named DG in 2015.


He was an executive commissioner in SEC when former President Goodluck Jonathan appointed him on May 22, 2015.

“On assumption of office as the DG of the Commission, Mr. Gwarzo immediately requested that the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four Naira and Ninety-Four Kobo), be paid to him as severance package for the cessation of his appointment as Executive Commissioner of the Commission,” a petition to the house of representatives seen by TheCable had read.

“Mr. Gwarzo received the above stated payment of a severance package in total disregard of the opinion of Mr. Frana Chukwuogo, the Acting Head of the Commission’s Legal Department, who clearly stated, in accordance with best practices, that a severance payment can only be paid to an employee of the Commission who has concluded his or her service and has completely disengaged from the Commission and not to an employee who has been promoted within the Commission and has not severed his employment with the Commission.”


According to a statement signed by Patricia Deworitshe on behalf of the ministry of finance, Adeosun has set up an administrative panel to investigate the matter.

“The suspension is in line with the public service rules (PSRs) 03405 and 03406,” the statement read.

“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.”


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1 Comment

  1. Baba
    Baba November 29, 19:21

    Nice one

    Reply to this comment

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