Gwarzo Sues Adeosun…Insists On Reinstatement As SEC DG

Mr Mounir Gwarzo appears unrelenting in his bid to return as the substantive Director General of Securities and Exchange Commission (SEC) after he was suspended over alleged financial misappropriation by the Minister of Finance, Mrs Kemi Adeosun.

It would be recalled that Mrs Adeosun had suspended Mr Gwarzo last year over his approval of the payment of N1.7 billion as severance package to himself and some workers of the commission in 2015.

A panel set up by the minister had accused Gwarzo of benefiting from the severance package to the tune of over N104 million for his position as the commission’s Executive Commissioner under the Goodluck Jonathan administration.

But the suspended SEC DG, in Suit No: NICN/ABJ/158/2018 which he filed before the National Industrial Court, is challenging Mrs Adeosun’s power to suspend him.

In the suit where he named the Accountant General of Federation and SEC as respondents, Gwarzo is insisting that only President Muhammadu Buhari has the power to decide his removal as head of the commission.

Documents sighted by THE WHISTLE indicate that Mr Gwarzo filed the complaint on Monday, the 4th of June, through his lawyers, Messrs. A.U Mustapha, SAN & Co.

‘‘Mr Gwarzo is also contending that the Administrative Panel of Inquiry set up by the Hon Minister of Finance, Mrs Kemi Adeosun, was not properly constituted to be fair , impartial and unbiased in view of the fact that the Hon Minister, Mrs Kemi Adeosun, had already adjudged Mr Mounir Gwarzo guilty of “ proven cases of financial misconduct, unlawful carting away of sensitive documents…,” said a source within the camp of his lawyers.

‘‘Mr. Gwarzo amongst others is seeking an order of the Court reinstating him as the Director-General, SEC and payment of all his entitlements, emoluments, allowances and other perquisites of the office of Director-General of SEC for the entire period he was under the purported suspension.

‘‘Mr Gwarzo is also seeking an order of the court setting aside the panel constituted by the Hon Minister of Finance, Mrs Kemi Adeosun and the entire proceedings of the so-called Administrative Panel of Inquiry as same negates the principle of natural justice,’’ said the source.