Mounir Gwarzo Suspended DG Of SEC Should Be Sacked – Panel Recommends

Panel Recommends Sack Of Mounir Gwarzo

A panel set up to investigate Mounir Gwarzo, suspended director general of Securities and Exchange Commission (SEC), has recommended his total removal as it found out that he awarded contracts worth N33 million to his company.

This is as Naija News reports that a high court in the federal capital territory (FCT) high recently discharged Gwarzo, in the N115 million fraud suit filed against him.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had filed a five-count charge against Gwarzo and Zakwanu Garba, the co-defendant and executive commissioner of the commission, bordering on alleged misappropriation fund and conferment of corrupt advantage on a public officer, Naija News reports.

The administrative panel of inquiry into allegations of violations of public service rules, financial regulations and other extant rules and regulations, which was set up by the ministry of finance, also said Gwarzo admitted to the allegations.

Directed to investigate claims that Gwarzo was a director in Medusa Limited and Outbound Investment Limited while still serving as SEC DG and also used his influence to award contracts to those companies, the Panel came up with the report that he was a majority shareholder in Medusa Limited with a shareholding of N1.2 million.

“His purported letter of resignation dates 19th December 2012 was not part of CAC’s records as at the date of the inquiry.

“It was equally discovered from the account opening mandate obtained from GTBank that Gwarzo was at the date of the inquiry signatory to account No 322324264/1/110 maintained by the company with the bank.”

He was also reported to have signed letters as the company director to the bank requesting a change of account number and a credit card for the company.

Both letters were dated July 24, 2015, and August 16, 2016, respectively.

“When Gwarzo was confronted with the above letters, he admitted to having authored and signed them but claimed that it was a regrettable action” the report stated.

Outbound Investments Limited, which benefitted from SEC contacts worth N33,736,596, Gwarzo claimed the company belongs to his wife’s family and stated that he was only representing his wife on the board.

Based on the findings, the Cable reports that the panel said Gwarzo had breached PSR 030424 and PSR 030402 which prohibits public officers from holding shares in both public and private companies operating in Nigeria or abroad except that they must not be directors in public companies and may only be directors in public companies if nominated by the government.

The panel also recommended that he be referred to the ICPC for further investigation of the allegation of using his position as DG to influence the award of contracts.