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Finance Minister Suspends SEC Director Indefinitely

The Minister of Finance, Kemi Adeosun has suspended the Director General of the Securities Exchange Commission, Munir Gwarzo.

Adeosun explained that the decision to suspend him was necessary with the view to instilling confidence in the capital market. The minister noted that the action was to preempt other action that may paint the capital market in a bad light.

She justified the action taken as chairman of the board of SEC adding that the director general violated the civil service rules. She denied the allegation of interference with the operations of the commission noting that she only give policy directive.

In a counter allegation against the minister, Munir said he was in fact suspended because he did not stop the probe of Oando Plc. Munir said that the Minister called him to her office and told him to stop the forensic investigation and the suspension placed on Oando Plc, asking him to resign or risk being suspended.

Adeosun spoke at the on-going public hearing’ On The Conflict Between Minister of Finance and the suspended Director General of SEC, organized by reps committee in capital markets and other Institutions.

She told the Committee chaired by Rep Tajudeen Yusuf, PDP, Kogi that ”Munir remains suspended and I’m sending my recommendations to Mr. President today (Tuesday)”.

On the allegation leveled against the minister that some of her family members have shares in Oando, the minister denied the claim saying that it was not true. Adeosun also debunked the insinuation that she told Gwarzo to stop the forensic investigation and lift the suspension on Oando.

Gwarzo through his Counsel, GUK Igwe, SAN, in his submission had also noted that the Minister does not have such a right to suspend the DG

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