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Civil servants association lauds SEC director general’s suspension


Mounir Gwarzo, Director General Securities and Exchange Commission

• Keyamo urges thorough investigation of Gwarzo, Oando Plc

The Association of Senior Civil Servants of Nigeria (ASCSN) has lauded the suspension of the Director General (DG) of the Securities and Exchange Commission (SEC), Mournir Gwarzo over alleged financial impropriety and abuse of office.

In a letter signed by its Secretary, Comrade Isaac Ojemhenke and made available to The Guardian, the association said the move would restore confidence in the market.

The association said the report on Oando forensic audit as reasons for Gwarzo’s suspension was a deliberate tactics to divert public attention from the allegations of corruption leveled against him.

“The association is in full support of Gwarzo’s suspension on allegations of corruption. This is important to enable the administrative panel of inquiry investigate and determine the culpability of Gwarzo and his cohorts.

“The capital market as we are all aware, is very sensitive and strives on integrity. As the DG of the apex regulator, of the Nigerian capital market who currently has several corruption allegations leveled against him, it is extremely important that he clears his name from these allegations for the purpose of integrity in the market

Also, the ASCSN frowned at attempt to restore the SEC DG to office, stressing the need for President Muhammadu Buhari to urgently reconstitute the SEC board.

Gwarzo was recently suspended from office following allegations of N104 million-severance package, pending the conclusion of the panel investigation.He was said to have demanded a severance package entitled to a commissioner immediately he assumed office.
Despite the opposition mounted by the acting head of SEC legal department, Frana Chuwuogo, Gwarzo allegedly received over N104 million, as benefits of his former position.
Meanwhile, Lagos lawyer and human rights campaigner, Festus Keyamo (SAN) has urged the agencies involved in the investigation of Gwarzo and Oando Plc to be firm, fair and decisive.

He asked the investigating bodies not to be distracted by those who are bent on introducing politics into the matter.In a statement yesterday, Keyamo said: “While Nigerians anxiously await the report of all the investigations into the SEC, I also urge the relevant agencies to continue the transparent and thorough probe of the issues surrounding Oando Plc.”

The Oando Plc probe should not be scuttled on account of the investigation of the suspended DG of SEC because the Oando probe and the SEC investigation are mutually exclusive despite the attempts to link them together.”

Keyamo said the Panel of Inquiry set up by the Minister of Finance, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) was investigating SEC.He, however, added that he was surprised at attempt by the House of Representatives, some individuals and media houses to reduce the probe of alleged corruption to a mere political witch-hunt by linking it to the on-going probe of Oando Plc.

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Mournir GwarzoSEC
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