Finance Minister Kemi Adeosun said on Tuesday that Mounir Gwarzo remains suspended as the Director General of the Securities and Exchange Commission (SEC). Gwarzo was suspended by the minister late last year, following allegations levelled against him. Two other staff of the agency were suspended alongside the DG. But Gwarzo said that his suspension was as a result of his refusal to suspend the forensic audit SEC was to conduct on Oando Nigeria Plc. However, at an investigative hearing by the House of Representatives Committee on Capital Market and Institutions in Abuja, Adeosun insisted that Gwarzo remains suspended because he has been found wanting after an investigation by an administrative panel of inquiry.
She said records obtained by the panel showed that Gwarzo is still a director and signatory in a private company and that he recently applied to a commercial bank for debit card as a company’s signatory. But Gwarzo, in his submission, said he cleared all the allegations against him and that the minister does not have the powers to suspend him based on the provisions of the Securities and Investment Act. He said the minister has interest in Oando and had asked him to resign or be suspended if he did not stop the forensic audit, an allegation that Adeosun denied