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Group writes reps, demands probe of SEC DG over N104m severance pay

Group writes reps, demands probe of SEC DG over N104m severance pay
November 27
17:04 2017

The Centre for Anti-Corruption and Open Leadership (CACOL), a human rights group, has written to Yakubu Dogara, speaker of the house of representatives, to demand the probe of Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC).

Gwarzo had allegedly collected a severance package of N104 million from the commission shortly after he was named its director-general in 2015.

He allegedly paid himself the said sum as an entitlement for being executive commissioner for two-and-a-half years.

In October, TheCable had reported a petition written to the lower legislative chamber over the issue.


In a letter by Debo Adeniran, CACOL executive chairman, the group described Gwarzo’s act as a “total disregard for the standing rule in the civil service”.

The group said “severance benefit can only be paid to an employee who has concluded his or her service and has completely disengaged from service and not to an employee who has been promoted within the commission as is in the case of Mr Gwarzo”.

CACOL also asked the house of represenataives to probe the companies which he allegedly used in carrying out various transactions.


“We make bold to say that the personal interest of Mr Gwarzo in the above listed companies clearly contravenes the provisions of Nigerian law which distinctively prohibits public officers from putting themselves in situations where their personal interest conflicts with their public duties,” the letter read.

“It is in view of our commitment to the fight against corruption that we present the perceived official excesses and acts of corruption perpetrated by Mr Mournir Haliru Gwarzo before you.

“It is in view of these noted discrepancies that we urge you to institute a committee to beam searchlights on the activities of Mr Mournir Haliru Gwarzo’s as the Director General of the Securities and Exchange Commission.”



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