Adeosun Hits Back At Gwarzo’s Camp, Says Suspended SEC DG Tried To ‘Blackmail’ Her

The Minister of Finance, Mrs Kemi Adeosun says suspended Director General of the Securities Exchange Commission (SEC), Mounir Gwarzo, used blackmail to frustrate disciplinary actions against him.

Adeosun on November 29 suspended Gwarzo over allegations of financial impropriety.

She said that the suspension of Gwarzo was to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.

She also suspended two other senior staff of the commission: Abdulsalam Naif Habu, head of media division; and Anastasia Omozele Braimoh, head of legal department.

In a statement signed by her spokesperson, Oluyinka Akintunde, on Friday, the minister explained how the embattled SEC boss tried to use a memo to blackmail her prior to his suspension.

“It should be noted that Gwarzo was queried by the ministry on November 3 and he responded on November 7, 2017. His response to the query was deemed unsatisfactory and further investigation was ordered,” the statement read.

“At the meeting on Monday, November 27, Mr. Gwarzo was asked to clarify some of his responses to the query issued, which were not consistent with the documentary evidence.

“From that interaction, Mr. Gwarzo became aware of the strong likelihood of his suspension. It was thereafter that Mr. Gwarzo prepared the memo, which has been circulated in the media.

“Mr. Gwarzo personally delivered the memo using SEC staff seconded to the office of the Minister, in breach of normal procedures for the receipt of mail.

“The copy of the memo in the possession of the minister was delivered with a message that any action against Mr. Gwarzo would result in same being leaked to the press.

“It was this threat of blackmail that strengthened the resolve of the minister to suspend Mr. Gwarzo and allow the administrative panel of inquiry to proceed with its probe.”

She denied the report that the disciplinary action taken against Gwarzo was because he refused to suspend a forensic audit being carried out on Oando.

Adeosun explained that the decision to investigate the oil company originally emanated from her ministry.

“That the original decision taken by SEC on October 20, 2017 to suspend the shares of Oando Plc and conduct a forensic audit, was approved and endorsed by the federal ministry of finance,” she said.

“The SEC team, led by Mr. Mounir presented adequate evidence to the minister of finance and her team, that Oando Plc had a clear case to answer with regard to infractions of the ISA.

“For the avoidance of doubt, there was no directive whatsoever to discontinue investigation into Oando and this was reiterated to the current SEC leadership at the formal handover meeting.

“The minister restates that the insinuation of an instruction to discontinue with the Oando case is false and this can be corroborated by the other parties at that meeting and by subsequent events.”