Gwarzo’s suspension: I won’t succumb to blackmail-minister


Minister of finance, Mrs. Kemi Adeosun has said that she would not give in to blackmail following her decision to suspend former Director General of Securities and Exchanage Commisson, Dr. Mounir Gwarzo.

This is even as she insisted that the forensic audit of Oando will continue, adding that the auditing process has begun.

Mrs. Adeosun, said this in the light of reports that the former SEC DG was suspended because he refused to stop the forensic audit of Oando PLC.

Reacting yesterday through a statement signed by her spokes person, Oluyinka Akintunde, the minister clarified that she gave approval for the Commission to begin a forensic audit of Oando PLC.

According to the statement, ”the original decision taken by SEC on October 20, 2017 to suspend the shares of Oando Plc and conduct a forensic audit, was approved and endorsed by the Federal Ministry of Finance. The SEC team, led by Mr. Mounir presented adequate evidence to the Minister.

Finance minister said her team, that Oando Plc had a clear case to answer with regard to infractions of the ISA.
“No contrary evidence has been presented and thus, the investigative work on Oando and all other ongoing investigations being undertaken by SEC in the discharge of its statutory functions have continued. For the avoidance of doubt, there was no directive whatsoever to discontinue investigation into Oando and this was reiterated to the current SEC leadership at the formal handover meeting,” she said.

Mrs. Adeosun noted Gwarzo’s suspension is in line with the Public Service Rules (PSRs), especially with documentary evidences that included the awards of contracts to companies related to him and members of his family.


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