Following a petition filed against the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo alleging financial improprieties ranging from awarding of contract to himself and cronies to outright stealing which was earlier reported by Political Economist, the DG and two others have been suspended from office by the Minister of Finance, Mrs. Kemi Adeosun. This is to pave way for investigation into several allegations of financial impropriety leveled against the top official.

A statement signed by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe on Wednesday announced the development.

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

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

“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.”