Suspended SEC Boss Spent N1.7 Billion on ‘Golden Handshake’ – Panel


Enterprise Television- Suspended SEC Boss Spent N1.7 Billion on ‘Golden Handshake’ – Panel

The embattled former Director General of the Securities & Exchange Commission, SEC, Mounir Gwarzo, appears to be in more trouble as fresh allegations emerged Thursday that he spent over N1.7 billion on ‘golden handshake’ to some staff without due process and approval.

Mr. Gwarzo has been on suspension from office since November 2017 for allegedly paying himself about N104.9 million as severance package while still in office.

He was accused of approving an extra-budgetary expenditure of over N1.7 billion for the disengagement package without it being included in the 2015 budget of the Commission, apart from approval by the Minister of Finance and the National Assembly.

Other documents also showed that Mr. Gwarzo had on August 16, 2016 used the company’s official headed-paper to request for the issuance of Naira Mastercards on Medusa Investments Limited’s account for him and the wife, Khadijat, the two directors indicated in the CAC registration filing.

However a review of the account statement belonging to Outbound Investment Limited with the United Bank for Africa, UBA showed evidence of payments from the Commission for various contracts, including supply of diesel for as recent as April 2017 when he was still the DG.