Breaking! FG Suspends Gwarzo, SEC DG, Two Others Over Alleged ‘financial impropriety’

The Federal Government, on Wednesday evening announced the immediate suspension of Mounir Gwarzo, Director-General of the Securities & Exchange Commission over allegations of financial impropriety, which may not be unconnected with a recent petition the SEC promised to provide official response which never came until the latest move.
Chief among the allegations include payment of a N104m severance package to himself after two years and six months of serving as executive commission of the SEC from where he was appointed DG, in addition to awarding contracts to firms with links to himself and his cronies.
Although details of the allegations were not stated in the suspension notice, which according to a statement by Patricia Deworitshe, Deputy Director, Press, Federal Ministry of Finance, was “in line with the Public Service Rules (PSRs) 03405 and 03406.”
The statement said Mrs. Kemi Adeosun, the Finance “Minister has 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.
“Also suspended are two management staff of the Commission – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.”