Why Gwarzo was sus­pended as Di­rec­tor-gen­eral of SEC, by Adeo­sun

The Guardian (Nigeria) - - NEWS - From Adamu Abuh, Mathias Okwe (Abuja) and Helen Oji (Lagos)

THE Min­is­ter of Fi­nance, Kemi Adeo­sun, yes­ter­day jus­ti­fied the de­ci­sion to sus­pend the Di­rec­tor Gen­eral of the Se­cu­rity and Ex­change Com­mis­sion (SEC), Mr. Mu­nir Gwarzo say­ing it was aimed at in­still­ing in­vestors’ con­fi­dence in the se­cu­rity mar­ket.

Tes­ti­fy­ing be­fore the Ta­judeen Yusuf-led com­mit­tee prob­ing the con­flict be­tween her and Gwarzo, she ex­plained that the de­ci­sion was taken after he was found want­ing by an ad­min­is­tra­tive panel of breach­ing pub­lic ser­vice rules.

Adeo­sun dis­closed that an uniden­ti­fied whis­tle blower ac­tu­ally trig­gered Gwarzo’s probe, a claim, which Gwarzo faulted but rather said he was sus­pended due to his re­fusal to stop the foren­sic au­dit of Oando Oil Plc listed on the stock ex­change.

The dis­missal rec­om­men­da­tion is con­tained in a re­port by the panel headed by the Per­ma­nent Sec­re­tary of the Fed­eral Min­istry of Fi­nance, Dr. Mah­moud Isa Dutse.

Adeo­sun who promised to sub­mit the re­port of the ad­min­is­tra­tive board of en­quiry to­day to Pres­i­dent Muham­madu Buhari al­leged that Gwarzo lied about his sta­tus in two pri­vately owned firms -Me­dusa and Out­band based on find­ings from Cor­po­rate Af­fairs Com­mis­sion (CAC).

Ac­cord­ing to her: “He at­tested that he had re­signed in 2012 while CAC was still show­ing he was a di­rec­tor and share­holder. He didn’t get other ev­i­dence. So we now went to bank records and found that Gwarzo re­mained a sig­na­tory to that ac­count. We had ten ev­i­dence of bank­ing trans­ac­tions where he signed as di­rec­tor.’’

On al­le­ga­tion that she sus­pended Gwarzo due to the de­ci­sion to con­duct foren­sic probe of Oando, she said there was no iota of truth in the claim adding such probe was still in progress.

Gwarzo who in his testi- mony main­tained that his sus­pen­sion was in con­nec­tion with the ex­tant pro­vi­sion of the In­vest­ment and Se­cu­ri­ties Act guid­ing SEC, claimed that he must have been sus­pended be­cause he re­fused to yield to pres­sure ex­erted on him by the min­is­ter not to con­duct foren­sic au­dit of Oando Plc. He fur­ther ar­gued that the de­ci­sion to bring him to trial to face an ad­min­is­tra­tive panel of en­quiry was against the pro­vi­sion of Sec­tion 36 (1) of the Con­sti­tu­tion, adding it was an abuse of min­is­te­rial pow­ers.

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