Administrative panel approves dismissal of SEC DG, Gwarzo from office

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Director-General, SEC, Mr. Munir Gwarzo

The Administrative Panel of Inquiry set up in November 2017 by the Federal Government to look into allegations of gross financial impropriety leveled against the suspended Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, has recommended his final dismissal from public service.

Gwarzo and two other SEC staff, Naif Abdussalam, the Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department were all suspended on November 29, 2017 to make room for the API set up to look into their case.

The Panel’s report/recommendations sighted by Daily Sun, was submitted to the Minister of Finance, Mrs Kemi Adeosun, yesterday for necessary actions.

The panel, headed by the Permanent Secretary of the Finance Ministry, Mahmoud Isa-Dutse, recommended that the suspended Gwarzo be immediately referred to the Independent Corrupt Practices Commission (ICPC) for further investigation of the allegation of using his position to influence the award of contracts to Outbound Investments Limited.

For the other two accomplices (Braimoh and Naif), the panel recommended that their matter be referred to SEC for appropriate disciplinary action in line with the provisions of the Staff Manual of SEC.

The Panel also directed Gwarzo to refund the sum of ₦104,851,154.94, being the severance package he approved and received.

It noted that the holding of the position of the Director-General of SEC as well as a director in two private companies (Medusa Investment Limited and Outbound Investments Limited) was in breach of public service rule 030424, public service rule 030402 and Section 6 of the Investment and Securities Act, ISA 2007.

Other recommendations by the Panel as stated in the report include; that Mr. Mounir Gwarzo should be referred to the Independent Corrupt Practices Commission (ICPC) for further investigation of the allegation of using his position as Director-General to influence the award of contracts to Outbound Investments Limited in view of the provisions of Sections 57 (12) (b) and 58 (5) of the Public Procurement Act, 2007;

“Gwarzo should be dismissed from the Public Service of the Federal Government, in line with PSR 030402 (in relation to the allegation on Golden Handshake), having breached paragraphs 313 and 316(4) of the Financial Regulations (Government Notice No. 219 of 27th October, 2009)(engaging in extra budgetary expenditure without appropriate approval);

Earlier, Kemi Adeosun, had defended her decision to suspend Mounir Gwarzo as director general of the Securities and Exchange Commission (SEC).

Adeosun had set up an administrative panel to look into some allegations of graft and financial impropriety leveled against Gwarzo, which recommended his suspension.