FG suspends SEC DG, Gwarzo, over alleged financial improprieties

Finance minister Kemi Adeosun has suspended the Director-General of the Securities and Exchange Commission Mounir Gwarzo in order to allow for an unhindered investigation of allegations of financial mismanagement against him.

In a press statement released by the minister’s office, an administrative panel has been set up to investigate and determine the culpability of the Director-General.

Gwarzo is accused of collecting a severance package of N105m (105 million naira) while still in service.

He is also accused of awarding contracts to companies where he is a director, a violation of Public Service Rules, and a conflict of interest.

Two other managers of the Securities and Exchange Commission were also suspended.