NSE: Adeosun contends DG SEC suspension is valid

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Minister of Finance, Mrs. Kemi Adeosun, has insisted that the suspension of Mr. Munir Gwarzo, Director-General of Security and Exchange Commission (SEC), was valid.

 

 

 

 

 

 

 

 

 

At an investigative hearing organised by House of Representatives Committee on Capital Market and Institutions, the minister said the suspension was in line with public service rules.

She said the action became necessary in order to sustain the confidence of investors and safeguard the integrity of the Nigerian capital market.

Adeosun disclosed that the former director-general allegedly paid himself N104 million as severance package after he was appointed from the position of a Director in the same commission.

She reiterates that the act contravened civil service standing rule adding that severance benefit could only be paid to an employee who had concluded his or her service or had completely disengaged from service.

The minister also alleged that Gwarzo was a director in a private company while in office as the DG of the commission, thereby violating public service rules.

She explained that the suspension was to allow an unhindered investigation into several allegations of financial impropriety against Gwarzo stating that the forensic investigation on the companies was still ongoing and that she was not interfering with it.

Adeosun maintained that the Investment and Security Act empowers the minister to act in absence of the board.

 

 

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