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Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun - Politics - Nairaland

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Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by presidency: 1:36pm On Dec 11, 2017
Federal Ministry Of Finance

Press Statement

Friday, 8th December, 2017


The attention of the Honourable Minister of Finance has been drawn to some misleading and mischievous media reports regarding the suspension of the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo.

Mr. Gwarzo has alleged that his suspension was due to “his refusal to stop the forensic audit of Oando Plc.

The Minister would not have ordinarily responded in view of her responsibility for the approval of the Constitution and Terms of Reference for the Administrative Panel of Inquiry into the allegations against Mr. Gwarzo. However, given the degree of speculations and the potential impact on the capital market, there is a need for the Minister to set the record straight as follows:

1. The integrity of the capital market is vital to the growth of the Nigerian economy and must be managed in an orderly and transparent manner to ensure investors’ confidence. Its leadership must maintain and be seen to maintain the highest standards of integrity.

2. That the original decision taken by SEC on October 20, 2017 to suspend the shares of Oando Plc and conduct a forensic audit, was approved and endorsed by the Federal Ministry of Finance. The SEC team, led by Mr. Mounir presented adequate evidence to the Minister of Finance and her team, that Oando Plc had a clear case to answer with regard to infractions of the ISA.

3. No contrary evidence has been presented and thus, the investigative work on Oando and all other ongoing investigations being undertaken by SEC in the discharge of its statutory functions have continued. Indeed, our information is that the forensic auditors have resumed at Oando.

4. For the avoidance of doubt, there was no directive whatsoever to discontinue investigation into Oando and this was reiterated to the current SEC leadership at the formal handover meeting. The fact that the investigation has continued further corroborates that this is the Minister’s position.

The Timing of Gwarzo’s Suspension

5. The Federal Ministry of Finance would like to place on record that Gwarzo’s suspension is in line with the Public Service Rules (PSRs), to allow for an unhindered investigation of serious allegations of financial impropriety against him. Some of the allegations with documented evidence include the awards of contracts to companies related to him and members of his family.

6. It should be noted that Gwarzo was queried by the Ministry on 3rd November and he responded on 7th November, 2017. His response to the query was deemed unsatisfactory and further investigation was ordered. Based on the evidence from that further work and creditable reports that documents were being unlawfully removed from SEC, as well as consultations with the Economic and Financial Crimes Commission (EFCC), the decision was taken to suspend Mr. Gwarzo.

7. At the meeting on Monday, 27th November 27, Mr. Gwarzo was asked to clarify some of his responses to the query issued, which were not consistent with documentary evidence. From that interaction, Mr. Gwarzo became aware of the strong likelihood of his suspension. It was thereafter that Mr. Gwarzo prepared the memo, which has been circulated in the media.

8. It is instructive to note that Mr. Gwarzo personally delivered the memo using SEC staff seconded to the office of the Minister, in breach of normal procedures for the receipt of mail. The copy of the memo in the possession of the Minister was delivered with a message that any action against Mr. Gwarzo would result in same being leaked to the press. It was this threat of blackmail that strengthened the resolve of the Minister to suspend Mr. Gwarzo and allow the Administrative Panel of Inquiry to proceed with its probe.

9. The Minister restates that the insinuation of an instruction to discontinue with the Oando case is false and this can be corroborated by the other parties at that meeting and by subsequent events.

Signed:
Oluyinka Akintunde
Special Adviser, Media & Communications to the Hon. Minister of Finance
Federal Ministry of Finance
8th December, 2017.

3 Likes 2 Shares

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by three: 1:46pm On Dec 11, 2017
Really?

Both parties have a case to answer in this.

Due process and due diligence (both anathema to the Nigerian complexion) were typically ignored in all processes.

Meanwhile let's all follow closely to what happens to Oando.

2 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Ndubuisi1075: 1:46pm On Dec 11, 2017
Ok
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by yomalex(m): 1:46pm On Dec 11, 2017
okay
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Nobody: 1:48pm On Dec 11, 2017
Okay
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by BruncleZuma: 1:48pm On Dec 11, 2017
So?
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by lincsnuel: 1:48pm On Dec 11, 2017
Hmm
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by sammyj: 1:48pm On Dec 11, 2017
The minister is on point and no level blackmail should stop the investigation. #SayNoToCorruption and from what i can see this minister seems to be the only person fighting corruption within this administration. we are watching in 5D cool

10 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Xisnin(m): 1:49pm On Dec 11, 2017
Game of thrones.
Gwarzo is already a goner.

2 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by ican2020: 1:49pm On Dec 11, 2017
The chairperson or borrowers association of Africa
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Coolgent(m): 1:50pm On Dec 11, 2017
Hmm Adeosun should be investigated
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Nobody: 1:51pm On Dec 11, 2017
Nonsense

"Indeed, our information is that the forensic auditors have resumed at Oando."

- The lead forensic investigator (KPMG) should address the media in this regard angry

Adeosun (Mrs.) can not survive this onslaught on North...this is the straw that would break the APC camel's back lipsrsealed
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by hucienda: 1:51pm On Dec 11, 2017
Battle Royale in the Federal Ministry of Finance.
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Tonymegabush1(m): 1:53pm On Dec 11, 2017
Seems non of above comments read the thread they just came to grab land shocked

2 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by eagleeye2: 1:53pm On Dec 11, 2017
Somebody is desperate to cover up.

1 Like

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by aolawale025: 1:53pm On Dec 11, 2017
When you hear the other side of the story, surprises follow

1 Like

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by aolawale025: 1:54pm On Dec 11, 2017
Always better to hear from both sides. When will Gwarzo speak out

3 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by jericco1(m): 1:55pm On Dec 11, 2017
story story.
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by money121(m): 1:57pm On Dec 11, 2017
Ok
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Paperwhite(m): 1:59pm On Dec 11, 2017
Because of Buhari's new found love for Tinubu right? Karma is real.
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Awoleesu(m): 2:07pm On Dec 11, 2017
Keneking:
Nonsense

"Indeed, our information is that the forensic auditors have resumed at Oando."

- The lead forensic investigator (KPMG) should address the media in this regard angry

Adeosun (Mrs.) can not survive this onslaught on North...this is the straw that would break the APC camel's back lipsrsealed
. "On North"? Are you ok?

3 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by petchi: 2:07pm On Dec 11, 2017
Go and cover your face in shame. APC is a scam.
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by ashjay001(m): 2:16pm On Dec 11, 2017
aolawale025:
Always better to hear from both sides. When will Gwarzo speak out



Gwarzo has been speaking(leaked memo n insinuations), she just stated her side!

2 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by AngelicBeing: 2:24pm On Dec 11, 2017
Keneking:
Nonsense

"Indeed, our information is that the forensic auditors have resumed at Oando."

- The lead forensic investigator (KPMG) should address the media in this regard angry

Adeosun (Mrs.) can not survive this onslaught on North...this is the straw that would break the APC camel's back lipsrsealed
tongue

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by VERDA: 2:38pm On Dec 11, 2017
Keneking:
Nonsense

"Indeed, our information is that the forensic auditors have resumed at Oando."

- The lead forensic investigator (KPMG) should address the media in this regard angry

Adeosun (Mrs.) can not survive this onslaught on North...this is the straw that would break the APC camel's back lipsrsealed

What exactly is onslaught on the north again??,statements like this makes me loose hope in this country,must everything be seen from an ethnic dimension??,no wonder the country is moving at a very slow pace,if the minister has anything to hide I am sure the president who is also a northener following your rhetoric will deal with her.

4 Likes

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by sniperr007(m): 2:39pm On Dec 11, 2017
Let's be watching. Or will this one be slept under the carpet like other scandals in the financial market
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Nobody: 2:40pm On Dec 11, 2017
VERDA:


What exactly is onslaught on the north again??,statements like this makes me loose hope in this country,must everything be seen from an ethnic dimension??,no wonder the country is moving at a very slow pace,if the minister has anything to hide I am sure the president who is also a northener following your rhetoric will deal with her.

Read in between the lines...Mister undecided
Do you mean lose hope?
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by Theleutenant: 2:47pm On Dec 11, 2017
this useless okpolo eye whwore should account for all our money she and dead assshole Tinubu have stolen and dumped in oando accounts

useless afonjas with their evil way of life
Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by ipodstinks: 3:03pm On Dec 11, 2017
Theleutenant:
this useless okpolo eye whwore should account for all our money she and dead assshole Tinubu have stolen and dumped in oando accounts

useless afonjas with their evil way of life
Jump in bro. Suffer in hell. grin

Re: Gwarzo’s Suspension: I Cannot Be Blackmailed – Adeosun by free2ryhme: 3:17pm On Dec 11, 2017
presidency:
Federal Ministry Of Finance

Press Statement

Friday, 8th December, 2017


The attention of the Honourable Minister of Finance has been drawn to some misleading and mischievous media reports regarding the suspension of the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo.

Mr. Gwarzo has alleged that his suspension was due to “his refusal to stop the forensic audit of Oando Plc.

The Minister would not have ordinarily responded in view of her responsibility for the approval of the Constitution and Terms of Reference for the Administrative Panel of Inquiry into the allegations against Mr. Gwarzo. However, given the degree of speculations and the potential impact on the capital market, there is a need for the Minister to set the record straight as follows:

1. The integrity of the capital market is vital to the growth of the Nigerian economy and must be managed in an orderly and transparent manner to ensure investors’ confidence. Its leadership must maintain and be seen to maintain the highest standards of integrity.

2. That the original decision taken by SEC on October 20, 2017 to suspend the shares of Oando Plc and conduct a forensic audit, was approved and endorsed by the Federal Ministry of Finance. The SEC team, led by Mr. Mounir presented adequate evidence to the Minister of Finance and her team, that Oando Plc had a clear case to answer with regard to infractions of the ISA.

3. No contrary evidence has been presented and thus, the investigative work on Oando and all other ongoing investigations being undertaken by SEC in the discharge of its statutory functions have continued. Indeed, our information is that the forensic auditors have resumed at Oando.

4. For the avoidance of doubt, there was no directive whatsoever to discontinue investigation into Oando and this was reiterated to the current SEC leadership at the formal handover meeting. The fact that the investigation has continued further corroborates that this is the Minister’s position.

The Timing of Gwarzo’s Suspension

5. The Federal Ministry of Finance would like to place on record that Gwarzo’s suspension is in line with the Public Service Rules (PSRs), to allow for an unhindered investigation of serious allegations of financial impropriety against him. Some of the allegations with documented evidence include the awards of contracts to companies related to him and members of his family.

6. It should be noted that Gwarzo was queried by the Ministry on 3rd November and he responded on 7th November, 2017. His response to the query was deemed unsatisfactory and further investigation was ordered. Based on the evidence from that further work and creditable reports that documents were being unlawfully removed from SEC, as well as consultations with the Economic and Financial Crimes Commission (EFCC), the decision was taken to suspend Mr. Gwarzo.

7. At the meeting on Monday, 27th November 27, Mr. Gwarzo was asked to clarify some of his responses to the query issued, which were not consistent with documentary evidence. From that interaction, Mr. Gwarzo became aware of the strong likelihood of his suspension. It was thereafter that Mr. Gwarzo prepared the memo, which has been circulated in the media.

8. It is instructive to note that Mr. Gwarzo personally delivered the memo using SEC staff seconded to the office of the Minister, in breach of normal procedures for the receipt of mail. The copy of the memo in the possession of the Minister was delivered with a message that any action against Mr. Gwarzo would result in same being leaked to the press. It was this threat of blackmail that strengthened the resolve of the Minister to suspend Mr. Gwarzo and allow the Administrative Panel of Inquiry to proceed with its probe.

9. The Minister restates that the insinuation of an instruction to discontinue with the Oando case is false and this can be corroborated by the other parties at that meeting and by subsequent events.

Signed:
Oluyinka Akintunde
Special Adviser, Media & Communications to the Hon. Minister of Finance
Federal Ministry of Finance
8th December, 2017.

Na wa ooo

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