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KEHINDE AKINTOLA, Abuja
The House of Representatives has thrown its weight behind the suspension of Munir Gwarzo, Director-General, Securities and Exchange Commission (SEC).
The resolution was passed sequel to the adoption of the report of the Committee on Capital Market and Institutions on the ‘Need to intervene in the conflict between the Minister of Finance and the suspended Director-General, Securities and Exchange Commission which was considered at the Committee of the Whole.
Tajudeen Yusuf, chairman House Committee on capital market and other Institutions explained that “based on the Constitutional Provisions and other extant laws, as well as relevant provisions of the Public Service Rules cited and referred to, the suspension of Munir Gwarzo, the former Director General of the Securities and Exchange Commission by the Minister of Finance should stand.”
Yusuf (PDP-Kogi) noted that the recommendations were based on petitions by various stakeholders of Oando.
“Based on the Public Service Rules and the Securities and Exchange Commission Staff Manual, the two Staff of the Securities and Exchange Commission, Anastacia O. Braimoh and Naif Abdulsalam should be recalled from suspension and report for duty immediately.
He however observed that the case of Anastasia Braimoh and Naif Abdulsalam should be referred to the Management of the Securities and Exchange Commission for disciplinary action in accordance with the Securities and Exchange Commission Staff Manual.
Recall that the Administrative Panel of In quiry (API) set up to investigate the veracity of the allegations leveled against the suspended SEC Director General had recommended his dismissal from Public Service.
The panel which was set up sequel to the suspension of Gwarzo who allegedly served as shareholder in two companies, in breach of the Civil Service Rules and Investment and Securities Act, in its over 200 page report, sought further investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on allegations bordering on using his position to influence the award of contracts to Outbound Investments Limited, in breach of Sections 57 (12b) and 58(5) of the Public Procurement Act, 2007.
The recommendations of the Panel, chaired by Mahmoud Isa-Dutse, Permanent Secretary of the Federal Ministry of Finance, was contained in the report that will be presented to Mr President for further action.
According to the documents, Gwarzo was directed to refund the sum of N104,851,154.94 paid as severance package which he approved and received.
The Panel observed that the holding of the position of the director-general of SEC, as well as a director in two private companies (Medusa Investment Limited and Outbound Investments Limited) was in breach of public service rule 030424, Public Service Rules 030402 and Section 6 of the Investment and Securities Act (ISA), 2007.
The panel also found the suspended SEC Director General wanting, 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. 219 of 27th October, 2009) (engaging in extra budgetary expenditure without appropriate approval).
The panel however recommended that Gwarzo “should be discharged on the allegations of award of contracts to Medusa Investments Limited; award of contracts to other companies as mentioned in paragraph 5.1.1 and to which no relationship with Mounir H. Gwarzo was sufficiently established.
