Reps uphold Gwarzo suspension as SEC DG

The House of Representatives yesterday said the suspension of
the former Director General of the Securities and Exchange
Commission (SEC), Mounir Gwarzo stands.
The House, while adopting the report of its Committee on Capital
Market and Institutions headed by Rep Tajuddeen Ayo Yusuf (PDP,
Kogi) said Gwarzo indeed has a case to answer and that the Minister
of Finance Kemi Adeosun was right to have suspended him.

Based on petitions by various stakeholders, the House said, the
committee has been mandated to conduct an investigation into Oando
Plc.

Also, the lawmakers said the two staff of SEC, Mrs Anastacia
Braimoh and Naif Abdulsalam should be recalled from suspension and
should report to their duty posts immediately.

Their recall, the House said, is based on the Public Service
Rules and the SEC Staff Manual.

However, the House said the case of the two staff should be
referred to the SEC management for disciplinary action in
accordance with the commission’s staff manual.

The chairman of the committee, Yusuf, while briefing his
colleagues on the panel’s findings, said there were allegations
that Gwarzo was a director in a private company despite his being
the head of SEC.

He said although Gwarzo said he had resigned his position in the
said company long ago, documents the panel obtained from the
Corporate Affairs Commission (CAC) showed that he remained a
director of the company. He said there were other discoveries that
the panel made in the course of its investigation into the
matter.

Gwarzo was suspended by the minister in November last year,
citing petitions of corrupt practices and breaches of the public
service rules. Suspended alongside the DG were two staff of the
commission, Braimo and Abdulsalam.

There had been disagreements between Adeosun and Gwarzo, who
accused the minister of interfering in the commission’s functions
by directing him to stop a planned forensic audit of Oando Nigeria
Plc, following allegations of malfeasance against the oil
company.

The minister had in January told the House panel that she
recommended Gwarzo’s sack to President Muhammadu Buhari over
conflicts of interests and breach of the public service rules.

The House of Representatives yesterday said the suspension of
the former Director General of the Securities and Exchange
Commission (SEC), Mounir Gwarzo stands.
The House, while adopting the report of its Committee on Capital
Market and Institutions headed by Rep Tajuddeen Ayo Yusuf (PDP,
Kogi) said Gwarzo indeed has a case to answer and that the Minister
of Finance Kemi Adeosun was right to have suspended him.

Based on petitions by various stakeholders, the House said, the
committee has been mandated to conduct an investigation into Oando
Plc.

Also, the lawmakers said the two staff of SEC, Mrs Anastacia
Braimoh and Naif Abdulsalam should be recalled from suspension and
should report to their duty posts immediately.

Their recall, the House said, is based on the Public Service
Rules and the SEC Staff Manual.

However, the House said the case of the two staff should be
referred to the SEC management for disciplinary action in
accordance with the commission’s staff manual.

The chairman of the committee, Yusuf, while briefing his
colleagues on the panel’s findings, said there were allegations
that Gwarzo was a director in a private company despite his being
the head of SEC.

He said although Gwarzo said he had resigned his position in the
said company long ago, documents the panel obtained from the
Corporate Affairs Commission (CAC) showed that he remained a
director of the company. He said there were other discoveries that
the panel made in the course of its investigation into the
matter.

Gwarzo was suspended by the minister in November last year,
citing petitions of corrupt practices and breaches of the public
service rules. Suspended alongside the DG were two staff of the
commission, Braimo and Abdulsalam.

There had been disagreements between Adeosun and Gwarzo, who
accused the minister of interfering in the commission’s functions
by directing him to stop a planned forensic audit of Oando Nigeria
Plc, following allegations of malfeasance against the oil
company.

The minister had in January told the House panel that she
recommended Gwarzo’s sack to President Muhammadu Buhari over
conflicts of interests and breach of the public service rules.