UPDATE: Gwarzo Remains Suspended As SEC DG, Adeosun Tells House C’ttee

Mrs Kemi Adeosun, Minister of Finance, was on Tuesday grilled by the House of Representatives over the suspension of Mounir Gwarzo as Director-General, Securities and Exchange Commission (SEC).

The House Committee on Capital Market and Institutions launched investigation into Adeosun’s allegation of financial impropriety against Gwarzo.

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Recall that the minister had previously levelled allegation blackmail against the SEC DG as part of reasons she suspended him.

Adeosun had consequently appointed Abdul Zubair as acting SEC DG, following Gwarzo’s suspension in 2017.

The minister’s move had, however, prompted the House committee to launch the investigation aimed at unravelling the factual circumstances that led to the suspension of Gwarzo.

At the public hearing today, the committee grilled both Adeosun and Gwarzo over the allegations and counter-allegations earlier made by them.

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While Adeosun maintained that Gwarzo remains suspended, the suspended SEC DG through his lawyer submitted that the minister had no right to suspend him as the commission’s chief.

“Munir remains suspended and I’m sending my recommendations to Mr President today (Tuesday),” the minister said

The SEC DG insisted that his suspension was due to his resolve to conduct a forensic audit of Oando PLC finances.

“On one occasion, the minister invited me and asked me the powers I had to carry on with the audit. So, I explained to her it was within the powers of my office. She said we should have mentioned it to her but no problem,” Gwarzo said.

“But the scary aspect was that she told me she was told I should have been sacked. After that encounter, we went on with our investigations.

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“On another occasion, the honourable minister invited me again in the company of the permanent secretary and said I should lift the technical suspension placed on Oando.

“Later around 4 pm, another meeting was conveyed, with the minister, permanent secretary, director of legal services and some staff of SEC. The minister went through all the allegations against SEC and also the recommendations. We discussed extensively with her and sought some clarifications.

“The minister said ‘even though you did not carry us along, we have no choice than to support you’. The case was in court, so we couldn’t do anything then.”

Mr Gwarzo further explained that after the case was thrown out by the court, Adeosun later declared her support for SEC’s forensic audit of Oando.

“Next, we issued a letter to Oando informing them we will continue with the audit and the next day, I was invited by the minister.

“She said to me, ‘I want this Oando issue to be concluded’ and I replied, ‘no problem’. She then said I should stop the forensic audit of Oando and that I should constitute a committee comprising the head of legal of SEC, that of the ministry and that of Oando.

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“She then told me I will not be on that committee, and that they were given me the directive as my board (members). I said okay if that’s the case, I want it to be committed to writing.

“She went on to tell me I had two options, either I resign or I am suspended. And went on to remind me of the allegations against me. I told her I am ready to defend myself against those allegations.

“The minister then said no, that my case is similar to that of Babachir Lawal, the former SGF, which means she has already pronounced me guilty,” the Suspended SEC DG added.

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