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Probe panel asks FG to dismiss suspended SEC DG, Gwarzo

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Mounir-Gwarzo

The Administrative Panel of Inquiry, which was set up in November last year to investigate corruption allegations against the suspended Director-General of the Securities and Exchange Commission, Mr. Mounir Gwarzo, has recommended the sacking of the embattled DG from public service.

The panel, which is headed by the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, was set up by the Minister of Finance, Mrs. Kemi Adeosun.

In the recommendation, which was sighted by our correspondent in Abuja, the committee also suggested that the suspended DG should refund the sum of N104.85m, which he allegedly approved and received as severance package while still in office.

The panel also recommended that Gwarzo be referred to the Independent Corrupt Practices and other related offences Commission for further investigation of the allegation of using his position as SEC DG to influence the award of contracts to Outbound Investments Limited.

In the report, which has already been submitted to the finance minister, it was recommended that the holding of the position of the DG of SEC as well as a director in two private companies (Medusa Investment Limited and Outbound Investments Limited) was in breach of public service rules 030424 and 030402 and Section 6 of the Investment and Securities Act, 2007.

The panel stated in its report, “Mr. Mounir Gwarzo should be referred to the ICPC for further investigation of the allegation of using his position as director-general to influence the award of contracts to Outbound Investments Limited in view of the provisions of Sections 57 (12) (b) and 58 (5) of the Public Procurement Act, 2007.

“Gwarzo should be dismissed from the public service of the Federal Government, in line with the PSR 030402 (in relation to the allegation on golden handshake), having breached paragraphs 313 and 316(4) of the Financial Regulations (Government Notice No. 219 of October 27, 2009) (engaging in extra-budgetary expenditure without appropriate approval).

“Should be discharged on the allegations of award of contracts to Medusa Investments Limited; award of contracts to other companies as mentioned in paragraph 5.1.1 and to which no relationship with Mr. Mounir Gwarzo was sufficiently established.”

However, the panel recommended that the cases of two management officers of the commission, Mrs. Anastasia Braimoh and Mr. Abdulsalam Naif, be referred to SEC for appropriate disciplinary action in line with the provisions of the staff manual of the commission.

The panel advised the Federal Government to re-orientate public servants to the very fact that the public service rules and financial regulations were ground norms of every government service contract, be it at the federal, state or local government level.

“Accordingly, all government extra-ministerial departments and agencies should be made to understand that the PSR and FR are superior to whatever specific legislation and domestic arrangements that guide their operations, except when such issues are not covered by any provision of the PSR,” it added.

Meanwhile, Adeosun and Gwarzo clashed on Tuesday over the legality of the suspension of the latter by the former.

The minister and Gwarzo had appeared before the House of Representatives Committee on Capital Market and Institutions at the National Assembly in Abuja.

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Business Africa

Fuel scarcity looms as NUPENG threatens FG With Strike

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fuel scarcity looms as NUPENG threatens FG With Strike

The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks.

This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday.

The union said the notice of strike was one of the decisions reached at its special national delegates conference Thursday.

It listed non-payment of workers’ salaries and benefits, among others, as reasons for its resolution.

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One of the issues, NUPENG said, was the outstanding payment of terminal benefits to its members that were declared redundant in 2012 by the management of Chevron Nigeria limited.

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LCCI pushes for growth in intra-African trade

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LCCI pushes for growth in intra-African trade

The Lagos Chamber of Commerce and Industry has said it aims to promote intra-African trade at the 35th edition of its annual Lagos International Trade Fair.

The Director-General of the LCCI, Dr. Chinyere Almona, said in a statement on Wednesday that this year’s edition would feature business-to-business meetings simultaneously with the general interest fair.

She said, the focus this year is to encourage intra-African trade and position Africa as the preferred investment destination and an economic powerhouse adding that The exhibition will also facilitate networking amongst exhibitors and between exhibitors and visitors.

She said corporate organisations, including multinational corporations, indigenous conglomerates, financial institutions, and small and medium businesses, had indicated interest in participating at the fair and relevant agencies and departments of government would also be available to exhibit and attend to other exhibitors and visitors.

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She said agencies that had confirmed attendance to provide information and educate exhibitors and visitors were the Bank of Industry and Nigerian Export Promotion Council, among others.

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NEPC Empowers 60 Osun SMES for Export Business

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NEPC Empowers 60 Osun SMES for Export Business

The Nigerian Export Promotion Council has organised a workshop for over 60 operators of Small and Medium-scale Enterprises in Osun State on how to make their products fit for export.

The workshop, which was held in Osogbo, was tagged ‘Facilitating strategic export market access programme in collaboration with the trade support institutions.’

The Assistant Director, Policy and Strategy Department, NEPC, Aliu Saddique, said the participants were SMEs owners with the potential to export to the international market.

He said the council was using the model developed by the Centre for the Promotion of Imports from Developing Countries to train the participants so as to enable them to have a good understanding of the demands of the international market.

While speaking, The Osun State Commissioner for Commerce, Cooperatives, Industries and Empowerment, Dr. Bode Olaonipekun, called for serious planning ahead of the time when crude oil would no longer bring revenue for the country again.

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Olaonipeokun, who also blamed the current economic hardship on the neglect of non-oil export, said planning for the era without oil must start immediately to avert economic crises.

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