According to reports, investigations by the Economic Confidential reveal that the suspended Director General of the Securities Exchange Commission, Mounir Gwarzo has responded to the queries bordering the financial misconduct allegations against him since the issues were raised in January this year; adding that Mr. Gwarzo had paid several visits to the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission to respond to question on the allegations.
Further revelations showed that Mr. Gwarzo had sent a memo to the Minister of Finance, Kemi Adeosun, exonerating himself of any wrong doing, but he got no response from the minister until the suspension was handed down.
Investigations also revealed that Mr. Gwarzo issued explanations for the payment of his severance package, saying it is consistent with the ISA’s provisions.
It was explained that Mr. Gwarzo was appointed as an Executive Commissioner in January 2013 after being scrutinized and cleared by the Senate; and the tenure for this appointment is four years.
Then on the 20th of May 2015, he was again appointed as the Director General of the SEC, after undergoing similar scrutiny by the Senate; his new letter of appointment states that his tenure at his new position is five years, indicating that he has retired from his initial appointment as an executive commissioner, to assume his new appointment as the SEC DG.
Hence, he was paid the N104 million as severance package from his initial appointment as an executive commissioner, in line with the stipulations of the ISA.
Regarding the award of contracts to Medusa Investment Limited, a company of which he is a director, he explained that the company was formed by members of his family and he was a member of the board of directors until his appointment as an Executive Commissioner, when he resigned from the board of director of the company.
He said he is not aware that contracts were awarded to the firm.
He said further that all of his actions as the DG SEC were carried out following due processes and guiding principles of the commission.