Dismiss suspended SEC DG after refunding N104M - Panel

The dismissal of

TheCable reports that the panel headed by the permanent secretary of the finance ministry, Mahmoud Isa-Dutse, has also asked Gwarzo to refund the N104,851,154 severance package he approved for himself.

It was also reported that the report of the inquiry has been submitted to the minister of finance, Kemi Adeosun, who instituted the panel.

The over N140m severance package

Gwarzo was an executive commissioner at SEC before he was appointed as the DG of the commission on May 22, 2015 by ex-President Goodluck Jonathan.

On assuming office as DG, Gwarzo allegedly approved the a severance package of N104,851,154 as entitlement for being an executive commissioner for two and a half years.

The report also revealed that despite the opposition mounted by the acting head of SEC legal department, Frana Chuwuogo, Gwarzo allegedly received the funds as benefits of his former position.

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Gwarzo's travails

The SEC's suspended DG’s travails began after a group petitioned the house of representatives, accusing him of abusing his office.

Gwarzo was reportedly accused of awarding contracts to his family members and friends, in violation of the rules guiding the SEC.

The petition also claimed Gwarzo, his family members and certain directors of the commission were shareholders and directors in companies used to carry out illegal transactions.

Details of the illegal transactions were stated, with at least four different bank accounts said to be traced to Gwarzo.