Nigeria’s Minister of Finance, Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mounir H. Gwarzo, in order to conduct an investigation of several allegations of financial impropriety leveled against the Director-General.

The development was revealed in press release signed by the Deputy Director, Press Federal Ministry of Finance, Patricia Deworitshe. She said that the suspension is in line with Public Service Rules (PSRs) 03405 and 03406.

“The 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 hand over to the most senior officer at the Commission, pending the conclusion of investigation by the API,” Mrs. Deworitshe said.

Documents made available to SaharaReporters last month revealed that Mr. Gwarzo illegally paid himself his severance package and awarded contracts to companies he owned.

In a related development, two management staff of the SEC - Abdulsalam Naif Habu, head of the media division, and Anastasia Omozele Braimoh, head of the legal department - were also suspended due to allegations of engaging in financial impropriety in the SEC.

Securities and Exchange Commission

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