Probe Panel Wants FG To Dismiss SEC DG From Public Service

An Administrative Panel of Inquiry has recommended the dismissal of suspended Director-General, Securities and Exchange Commission (SEC), Mounir Gwarzo, from the Public Service. It also recommended the refund of N104.85m, being the severance package he allegedly approved and received upon his appointment as SEC DG.

The panel, set up to look into the allegations of financial misconduct laid against Gwarzo, said it came to the decision after making inquiries with the Corporate Affairs Commission, banks and other major stakeholders. The inquiries, it said, led to the acquisition of bank accounts, credit cards, official letters that provided incontrovertible evidence that Gwarzo is guilty of the allegations made against him.

These are contained in the report submitted to the Minister of Finance, Kemi Adeosun. Adeosun, had on Tuesday, told an investigative panel of inquiry in the House of Representatives, insisted that Gwarzo’s suspension is valid. The House of Representatives committee was set up to probe the circumstances that led to the suspension of Gwarzo.

The API report said: “Mr Mounir Gwarzo should be dismissed from the Public Service of the Federal Government for holding positions of a Director in private companies – Medusa Investment Limited and Outbound Investment Limited  – while serving as DG SEC.“This is in breach of PSR 030424, PSR 030402 and Section 6 of the Investment and Security Act, 2007.

"He should also be referred to the ICPC for further investigation on 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 and 58 of the Public Procurement Act.“He should also be dismissed from the Public Service, having breached paragraph 313 and 316 of the Financial regulations, for engaging in extra-budgetary expenditure without appropriate approval,’’ the report stated.

Gwarzo’s suspension, according to a statement released by the commission, is in line with the Public Service Rules (PSRs) 03405 and 03406 to allow unhindered investigation of fraud allegations leveled against him. Head of Legal Department, Mrs Anastasia Omozele Braimoh and Head of Media in SEC, Abdulsalam Naif Habu were also affected by the suspension.

The panel also recommended that the cases of Braimoh and Naif, be referred to SEC for appropriate disciplinary action in line with the provisions of the Staff Manual of SEC. "Accordingly, all Government Extra-Ministerial Departments and Agencies should be made to understand that the PSR and FR are superior to whatever specific legislation and domestic arrangements that guide their operations". it stated.
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