SEC staff shut office to prevent reinstatement of Gwarzo

SEC staff shut office to prevent reinstatement of Gwarzo

The staff of Securities and Exchange Commission (SEC) in the early hours of this morning shut down the commission’s office in Abuja, over attempts to

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The staff of Securities and Exchange Commission (SEC) in the early hours of this morning shut down the commission’s office in Abuja, over attempts to reinstate suspended DG, Mr Mounir Gwarzo.

Gwarzo had been indicted for abuse of office and corruption by an Administrative Panel of Inquiry set up by the Federal Ministry of Finance headed by the Permanent Secretary, Dr Mahmoud Isa-Dutse. He was also indicted by the House of Representatives Ad-Hoc Committee, which investigated his suspension by the former Minister of Finance, Mrs Kemi Adeosun.

However, the National Industry Court, last week ordered his reinstatement on grounds that the minister lacked powers to suspend him since he is not an employee of the commission. The workers’ union is protesting the court order. Gwarzo had been suspended by Kemi Adeosun, former minister of finance, over allegations of corruption and abuse of office. He was accused of collecting severance package worth N104.85 million while still in service in violation of the civil service rules.

Sanusi Kado, justice of the industrial court, argued that the minister, in the absence of the board, only had supervisory power, which does not include disciplinary power to suspend the DG. He held that it was only the permanent secretary in the ministry of finance, on the directive of the president, who had the power of suspension.