Home / Business and Economy / Group condemns the planned reinstatement of the Suspended DG of SEC, Mounir Gwarzo over Corruption

Group condemns the planned reinstatement of the Suspended DG of SEC, Mounir Gwarzo over Corruption

  • A pro Good Governance Group, Network for Good Governance Against Corruption has condemned the reinstatement of sacked Securities Exchange Commission DG Mounir Gwarzo by the National Industrial Court on the 30th of May.

 

The Group through a press statement by its Convener Comrade Idris Kado held that the allegations against the DG were too grave and indicts the anti corruption war of President Buhari’s administration.

 

Recall that Mounir Gwarzo was fired by former Finance Minister Kemi Adeosun to allow for an unhindered investigation after he was accused of collecting severance package worth N104.85 million which clearly violates the civil service rules.

 

 

It is also pertinent to note that, The ICPC had filed five count charges accusing Gwarzo of receiving, between May and June 2015, the sum of N104,851,154.94 as severance benefit when he had yet to retire, resign or disengage from service; and also the sum of N10,983,488.88 as car grant” he was not entitled to.

 

 

In two of the five counts, ICPC accused Garuba, a former Executive Commissioner, Corporate Services of SEC, of conferring corrupt advantage on another public officer in the person of Gwarzo by approving the payments to the suspended SEC boss.

 

 

The group acknowledges the judgement of the National Industrial Court which ruled that the former finance Minister lacked the power to sack the DG but insisted that the allegations of corruption were still disgraceful to the President Buhari’s administration which swore to rid the Nation’s institutions from corruption.

 

“It is a slap on the Integrity of the President’s anti corruption war that Munir Gwarzo who clearly violated the Civil Service rules and paid himself monies illegally is reinstated into office. President Buhari must intervene and uphold the sack of Munir Gwarzo” the statement read.

 

The group further called on President Buhari to deliver on his mandate to fight corruption and stop the reinstatement.

 

In the same vain, the group calls for the dismissal of Mr. Mounir Gwarzo from the Public Service of the Federal Government for holding the position of a Director in private companies. (Medusa Investment Limited and Outbound Investments Limited) while in service as the Director-General of SEC.

 

 

“Mr. Mounir Gwarzo breached PSR 344, PSR 030402 and Section 6 of the Investment and Securities Act 2007”.

 

 

“It is also an aberration that Mr. Mounir Gwarzo would use his privileged position as Director-General to influence the award of contracts to Outbound Investments Limited in view of the provisions of Sections 57 (12) (b) and 58(5) of the Public Procurement Act, 2007.

 

 

 

“Mr. Gwarzo should be dismissed from the Public Service of the Federal Government, in line with PSR 030402 (in relation to the allegation on Golden Handshake), having breached paragraphs 313 and 316(4) of the Financial Regulations (Government Notice No. 291 of the 27th October, 2009) (engaging in extra budgetary expenditure without appropriate approval).”

 

“…as lovers of Good Governance, it is our expectation that President Buhari who has the power to sack the SEC DG, fires him pending the outcome of the investigation…” the statement concluded.

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