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At an investigative hearing hosted by the House Committee on Capital Market and Institutions on Tuesday at the National Assembly on the need to intervene in the conflict between the minister and suspended DG, the minister insisted that the suspension of Gwarzo followed due process.

 

Adesoun said Munir was suspended in accordance with the public service rule, insisting that suspension is in line with the Public Service Rules (PSRs) 03405 and 03406,

 

She said the Investment and Securities Act empowers the minister to act in absence of the board, adding that ‎in absence of the board, the minister has the power to suspend the Director General. 

 

According to the minister, Gwazo was suspended due to his dealing with two private companies, which she noted is in violation of the public service rules.

 

 Responding,to the allegation,  the suspended DG accused the minister of interfering in the affairs of the commission.

 

Gwazo insisted that section 8 of the Investments and Securities Act, does not confer the finance minister  with powers to suspend him.

 

He said that interference by the minister of finance into the affairs of SEC has never happened in the history of the organisation.

 

 Gwarzo was suspended alongside Abdulsalam Naif-Habu, the head of media division and Anastasia Braimoh, who heads the legal department.

 

In his ruling, chairman of the committee, Rep Yusuf Tajudeen,  assured that the committee will rule fairly on the matter.

 

The Investigative hearing was later  adjourned  indefinitely.‎

 

Recall that  House of Representatives had resolved to probe all allegations of corruption in the SEC.

 

The committee on capital markets and institutions are expected to lay their recommendations before the House soon.‎