The Federal Government FG Suspends DG SEC on Wednesday who is the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, to allow for an unhindered investigation of several allegations of financial impropriety leveled against the Director-General.

Minister of Finance, Mrs. Kemi Adeosun announced the suspension in a statement on Wednsday, saying that two others had also been suspended.

The statement from the Ministry of Finance and issued by Patricia Deworitshe, Deputy Director, Press, said the suspension was in line with the Public Service Rules (PSRs) 03405 and 03406.

“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 handover to the most senior officer at the Commission, pending the conclusion of investigation by the API,” the statement said.

“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,” the statement added.