ABUJA, JANUARY 31, 2018 – The Minister of Finance, Mrs. Kemi Adeosunhe, on Tuesday declared that there was no going back on the suspension of Mr. Mounir Gwarzo from the management of the Securities and Exchange Commission (SEC).
Adeosun stated this when she answered questions from members of the House of Representatives Committee on Capital Market and Institutions at a public hearing on the “need to intervene in the conflict between the minister of finance and the suspended director-general of the Securities and Exchange Commission” in Abuja.
She told the lawmakers that the report of an administrative panel of investigation set up by the ministry to probe the allegations against the suspended DG would be submitted to President Muhammadu Buhari later yesterday.
She said that her decision to suspend Gwarzo on October 19, 2017 was to protect the capital market from any unforeseen negative impact because of the controversies surrounding his activities backed by documents revealing his involvement with two private companies, of which one was doing business with SEC.
Adeosun who expressed regrets over the fuss which the controversy has generated, given its potential to negatively rob-off on the capital market, said that findings by the panel revealed that Gwarzo remained a signatory to accounts of both Medusa Investment Ltd and OutBound Ventures Ltd.
The minister stated Gwarzo not only remained in control of both firms against the provision of the Public Service Rules, adding that the embattled DG recently requested for debit cards to the companies’ accounts with an unnamed commercial bank.
While denying interfering in the commission’s decision on Oando Plc in its crisis with shareholders, Adeosun informed the committee that the case against Gwarzo had nothing to with his decision to audit Oando, adding that a whistleblower had submitted loads of documents alleging gross abuse of office and misconduct against him.
