Adeosun lacks power to suspend me, says SEC DG

The former Director General (DG) of the Securities and Exchange Commission (SEC), Mounir Gwarzo, has posited that the Minister of Finance, Mrs Kemi Adeosun, lack constitutional power to suspend her.

He said this on Tuesday during the House of Representatives Investigative Hearing on his suspension while faulting the public service rule quoted by the Minister of Finance in his letter of suspension.

Reading from the letter, which was signed by the Minister of Finance, Kemi Adeosun dated November 29, 2017, at the hearing, Gwarzo said the rule quoted by Adeosun does not exist and doesn’t have the power to suspend him.

“I refer to your representation dated November 8, 2017, and further enquiries undertaken by this Ministry and based on the information available to this ministry. I have been convinced of the need for a thorough investigation to be undertaken. In order to ensure an unhindered process. You are hereby suspended from office from the date of this letter,” he read.

Drawing attention to the last paragraph of his suspension letter, Gwarzo read further.
“This suspension is in line with the public service rule 03405 and public service rule 03406 pending the conclusion of the investigation.” He, however, claimed that this public service rule quoted by the Minister of Finance is wrong.

“What we are saying is, this public service rule that she quoted does not exist in the public service rule. Her intention is to make reference to 030405 rather than 03405. That 03405 does not give the Honourable Minister the power to suspend the DG of SEC,” he said.

Making further reference to the Public Service Rule, Gwarzo said the Securities and Exchange Commission as a public service institution has its own policies and cannot be influenced by external factors.

“If you look at the Public Service Rule, which is 160103, it clearly states that, for an institution that already has their own policies, they should be guided by that. My letter of appointment clearly states that my letter of appointment will be governed by the provisions of the Investment and Securities Act. “So, the question is, what instrument did the honourable Minister use or rely on in my suspension. What she quoted does not exist,” he insisted.

The public hearing on the need to intervene in the conflict between the Minister of Finance, Mrs Kemi Adeosun and the suspended DG of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, commenced on December 21, 2017, but was rescheduled for January 2018, due to Adeosun’s absence.

Chairman of the House of Representatives Committee on Capital Market and Institutions, Yusuf Tajudeen at the hearing, last year, read a letter from the Minister of Finance asking for permission to attend the Federal Executive Council meeting.