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SEC Panel Recommends Gwarzo’s Sack



The administrative panel of inquiry into the litany of allegations of financial impropriety against the suspended former director general of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, has recommended his dismissal from public service.

A reliable presidency source told LEADERSHIP yesterday that the panel also recommended that the embattled SEC director general be referred to the Independent Corrupt Practices Commission (ICPC) for further investigation on the allegation of using his position to influence the award of contracts to Outbound Investments Limited, a firm he is said to have interest.

The report of the API headed by the permanent secretary in Federal Ministry of Finance, Mahmoud Isa-Dutse, was showed to our correspondent in confidence yesterday.

In the report which was submitted to the Minister of Finance, Kemi Adeosun, the panel directed Gwarzo to refund the sum of N104.8 million, being the severance package he allegedly approved and received while in office.

It noted that the holding of the position of the director-general of SEC as well as a director in two private companies (Medusa Investment Limited and Outbound Investments Limited) was in breach of public service rule 030424, public service rule 030402 and section 6 of the Investment and Securities Act, ISA 2007.

Among other stiff recommendations, the Isa-Dutse-led Panel said, “Mr. Mounir Gwarzo should be referred to the ICPC for further investigation of the allegation of using his position as Director-General to influence the award of contracts to Outbound Investments Limited in view of the provisions of Sections 57 (12) (b) and 58 (5) of the Public Procurement Act, 2007.

“Gwarzo should be dismissed from the Public Service of the Federal Government, in line with PSR 030402 (in relation to the allegation on Golden Handshake), having breached paragraphs 313 and 316(4) of the Financial Regulations (Government Notice No. 219 of 27th October, 2009)(engaging in extra budgetary expenditure without appropriate approval)”.

The panel further recommended that Gwarzo “should be discharged on the allegations of award of contracts to Medusa Investments Limited, award of contracts to other companies as mentioned in paragraph 5.1.1 and to which no relationship with” him was sufficiently established.

On the other hand, the panel recommended that the cases of two management officers of the commission, Mrs Anastasia Omozele Braimoh and Mr. Abdulsalam Naif H. be referred to SEC for appropriate disciplinary action in line with the provisions of the Staff Manual of SEC.

The panel advised the federal government to re-orientate public servants to the very fact that the public service rules and financial regulations are grand norms of every Government Service Contract, be it at the federal, state or local government levels.

It added:  “Accordingly, all Government Extra-Ministerial Departments and Agencies should be made to understand that the PSR and FR are superior to whatever specific legislations and domestic arrangements that guide their operations, except when such issues were not covered by any provision of the PSR.”

The Minister of finance, Mrs. Kemi Adeosun, suspended Gwarzo last year for allegedly involving himself in various financial misconducts and abuse of office.

Investigations into his alleged misdeeds revealed that only four days after receiving his appointment letter, May 26, 2015, Gwarzo allegedly requested that he be paid the sum of N104.8 million as severance package in respect of the end of his appointment as executive commissioner, a position he occupied for two years and four months.


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