Reps query timing of Gwarzo’s suspension, resolve to probe saga

The house of representatives has resolved to probe the suspension of Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC).

Kemi Adeosun, minister of finance, suspended Gwarzo over allegations of financial impropriety levelled against him.

At its sitting on Tuesday, the house resolved to probe the ongoing conflict between the duo.

The resolution followed a motion by Diri Douye, member representing Yenagoa/Kolokuma/Opokuma federal constituency. The motion was entitled “The need to intervene in the ongoing conflict between finance minister and suspended SEC DG”.

The house wondered why Gwarzo’s suspension came at a time SEC was about to conduct a forensic audit of Oando.

The house said there are allegations of interference by the finance ministry in the operations of SEC.

The lower legislative arm, therefore, directed its committee on capital markets and institutions to investigate all the allegations and report back to the members in two weeks time.

It also urged the two parties involved in the conflict to “maintain status quo” pending the outcome of the committee’s investigation.

Reports had emerged that the SEC DG was suspended for refusing to halt the forensic probe of Oando Plc, although Adeosun’s office denied the allegation.

Gwarzo had insisted on a forensic audit of Oando over allegations of irregularities, notably the increased trading in the company’s shares before its declaration of a N183 billion loss — said to be the biggest in Nigeria’s corporate history.

While the allegations were being probed, a petition was filed against the SEC DG for allegedly paying himself a severance package as a former executive commissioner of SEC, a position from where he was made DG.

TheCable had reported in October of how Gwarzo allegedly got the severance package of N104 million shortly after he was named DG in 2015.