The Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, has been suspended by the Minister of Finance, Mrs. Kemi Adeosun.

His suspension was made known in a statement signed by Patricia Deworitshe, Deputy Director Ministry of Finance.

Gwarzo’s suspension, according to the statement, 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, Mr. Abdulsalam Naif Habu were also affected by the suspension.

“The suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.”

“The Honourable 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 – Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.”

According to the statement, the minister has also set up an Administrative Panel of Inquiry (API) to investigate the culpability of Gwarzo in the matter.

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