The Honorable Minister of Finance, Kemi Adeosun on Wednesday suspended the Director General of the Securities & Exchange Commission (SEC) Mr. Mounir H. Gwarzo on allegations of financial impropriety. This is to allow for investigations to be conducted to ascertain the veracity of the claims leveled against the DG. In a statement, the Honorable Minister said:
- The suspension is in line with Public Service Rules (PSRs) 03405 & 03406
- An administrative panel of inquiry (API) has been established to investigate and determine the culpability of the Director General
- The suspended Director General is to immediately handover to the most senior officer at the commission, pending the conclusion of the investigation by the API
- Also suspended are two management staffs of the commission- Mr. Abdusalam Naib Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department- who have been alleged to engage in financial impropriety at the commission
The Securities & Exchange Commission is the apex regulator for the Equity & Debt Capital Markets. The suspension sends mixed signals to an equity market that has fared very well in 2017 but doesn’t inspire confidence as the organization that is tasked with maintaining fiscal integrity and transparency is the one caught in investigations of financial misconduct.