A statement by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe, said the suspension is to allow for an full investigation into several allegations of financial impropriety leveled against Gwarzo.
The suspension, the statement added, is in line with the Public Service Rules (PSRs) 03405 and 03406, adding that Adeosun had also set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the suspended director-general.
The statement read: “She has directed the suspended SEC Director-General to immediately handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.
“Also suspended are two management staff of the Commission – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.”
Former President Goodluck Jonathan appointed Gwarzo SEC director -general in May 2015.
There have been allegations that his regime despite mouthing corporate governance has not actually lived up to it.
For instance, the account of the SEC was said not o have been audited for the past three years but Gwarzo metes sanctions to firms that fail to audit their account as at when du.