Nigeria Suspends SEC DG over Corruption Allegations

Nigeria's Finance Minister, Kemi Adeosun

Minister of Finance, Mrs. Kemi Adeosun, on Thursday suspended the Director-General of the Securities and Exchange Commission, SEC, Mr. Mounir Gwarzo, over allegations of financial misappropriation.

The development was revealed in press release signed by the Deputy Director, Press Federal Ministry of Finance, Patricia Deworitshe. She said that the suspension is in line with Public Service Rules (PSRs) 03405 and 03406.

The Minister also suspended two management staff of SEC – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department – who have also been alleged to engage in financial impropriety in the commission.

According to the statement, the Minister has also set up an Administrative Panel of Inquiry, API, to investigate and determine the culpability of the Director-General.

“She has directed the suspended SEC Director-General to immediately handover to the most senior officer at the commission, pending the conclusion of investigation by the API,” the statement noted.