SEC
House of Representatives

The House of Representatives is set to probe the suspension of the Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, over alleged financial misappropriation.

Gwarzo was suspended by the Minister of Finance Kemi Adeosun alongside the Head of Media Division, Abdulsalam Naif, and Head of Legal Department, Anastasia Braimoh.

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The lawmakers want both finance ministry and the suspended SEC DG to “maintain the status quo” pending the outcome of the probe.

The lower chamber had invited nine firms allegedly used by Gwarzo to siphon funds from the commission.

According to some petitions against Gwarzo, some of the companies allegedly belong to him or his relatives.

In the petition, Gwarzo was accused of diverting money from the commission under the pretext that he was organising staff training.

Gwarzo also allegedly collected the sum of N6m from the commission to fly first-class to Hong Kong in October 2016, in total disregard for the Federal Government’s directive issued in April 2016, which prohibited public officials from flying first-class.