FG suspends SEC DG, two others  

The Honourable Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola; Honourable Minister of Finance, Mrs. Kemi Adeosun and Permanent Secretary in the Ministry of Power, Works & Housing, Engr. AG. Magaji, during the presentation of N100billion Sovereign Sukuk Bond proceeds cheque by the Finance Minister on Thursday, October 5, 2017 in the Conference Room of the Federal Ministry of Power, Works & Housing, Abuja.

Minister of Finance, Mrs. Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission, SEC, Mr. Mounir Gwarzo, over allegations of financial misappropriation.

In a statement in Abuja, signed by Patricia Deworitshe, Deputy Director, Press, Federal Ministry of Finance, the suspension was to allow for an unhindered investigation of several allegations of financial impropriety leveled against the Director-General of SEC.

The Minister also suspended two management staff of SEC – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department – who have also been alleged to engage in financial impropriety in the Commission.

The Ministry of Finance said the suspension was in line with the Public Service Rules (PSR) 03405 and 03406. According to the statement, the Minister has also set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General. “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,” the statement noted.