Minister of Finance, Mrs Kemi Adeosun. PHOTO: CNBC AfricaThe integrity of the nation’s capital market was the major consideration for the timing of the suspension of Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo.
Gwarzo, who was queried by the Ministry of Finance on November 3, 2017 responded on November 7, 2017, even as his response was unsatisfactory.
There was also evidence that documents were being unlawfully removed from SEC, as well as conclusions from consultations with the Economic and Financial Crimes Commission (EFCC).
Besides, the Minister of Finance, Kemi Adeosun, said it should be placed on record that Gwarzo’s suspension was in line with the Public Service Rules (PSRs) that allow for unfettered investigation of allegations of financial impropriety against him.
The controversy also coincided with the rebounding economy and should be managed in an orderly and transparent manner to retain investors’ confidence.
Finance minister explains timing of Gwarzo’s suspension
