Ministry of Finance Alleges Document Removal From SEC Prompted Suspension


Friday, December 08, 2017 1:56 PM / @FinMinnigeria 

The Ministry of Finance (@FinMinNigeria) tweeted at 1:52 pm on Fri, Dec 08, 2017 as follows:

The attention of the Honourable Minister of Finance, Mrs. Kemi Adeosun has been drawn to some misleading and mischievous media reports regarding the suspension of the Director-General of the Securities & Exchange Commission of Nigeria (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." 

This is False. 

For the avoidance of doubt, there was no directive whatsoever to discontinue investigation into Oando. 

The investigative work on @Oando_PLC and all other ongoing investigations being undertaken by @SECNigeria in the discharge of its statutory functions have continued and are ongoing. 

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

We 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. 

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 & further investigation ordered. 

Based on evidence from that and creditable reports that documents were being unlawfully removed from SEC, as well as consultations with @officialEFCC, the decision was taken to suspend Mr Gwarzo 

At the meeting on Monday, November 27, 2017, 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. 


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