The Minister of Finance, Mrs Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.

Gwarzo is suspended in order to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.

This was contained in a statement signed by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe on Wednesday, November 29.

The suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.

The Minister has therefore set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General.

The statement added that “She has directed the suspended SEC Director-General to immediately hand over to the most senior officer at the Commission, pending the conclusion of the investigation by the API.”

“Also suspended are two management staff of the Commission – Mr Abdulsalam Naif Habu, Head of Media Division and Mrs Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.”

Allegations against Director General include an alleged collection of severance package in the sum of N104,851,154.94 while still in service.

He is also reported to be the Director of Medusa Investment Limited which is a violation of Public Service Rules (PRS) 030424.

He is also reported to have awarded contracts to the same company and other companies to which he is related, thus resulting in a conflict of interest, among other allegations.