Nigeria’s SEC head, Mounir Gwarzo could stage comeback

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If the judgment of the National Industrial Court is anything to go by, then, the former director general of the Securities and Exchange Commission, SEC, Mounir Gwarzo could be back to his position.

In 2017, Gwarzo was suspended from his position by Nigeria’s former Minister of Finance, Kemi Adeosun, over allegations of financial impropriety.

An administrative panel of inquiry found him guilty of paying himself severance benefits of N104.8 million and N10.4 million in excess of car grant while still in service, recommended his suspension which was approved by Adeosun.

However, Gwarzo did not lay low. He went ahead to challenge his suspension at the National Industrial Court.

The seating judge dismissed the suspension on technicalities that”

“The Minister, in the absence of the board, only had supervisory power, which he said does not include disciplinary power to suspend the DG. He further held that it was only the Permanent Secretary in the Ministry of Finance, on the directive of the president, who had the power of suspension.”

The suspension of Gwarzo was declared null and void and of no effect.

The SEC is Nigeria’s apex capital markets and securities regulator.