The Director-General, Securities and Exchange Commission (SEC) Mounir Gwarzo has allegedly collected a severance package of N104 million from the commission, while in service.
The Cable, an online media had reported that Gwarzo allegedly got a severance package of N104 million from the same commission shortly after he was named DG in 2015.
Gwarzo was an executive commissioner at SEC when former President Goodluck Jonathan appointed him to lead the commission on May 22, 2015.
On assumption of office as DG, he allegedly paid himself the hefty package as entitlement for being an executive commissioner for two and a half years.
In a petition to the House of Representatives seen by The Cable, Gwarzo was said to have demanded a severance package entitled to a commissioner immediately he assumed office.
Despite the opposition mounted by the acting head of SEC legal department, Frana Chuwuogo, Gwarzo allegedly received more than N104 million as benefits of his former position.
A document on one of the contracts states: “On assumption of office as the DG of the Commission, Mr. Gwarzo immediately requested that the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four Naira and Ninety-Four Kobo), be paid to him as severance package for the cessation of his appointment as Executive Commissioner of the Commission,” the petition read.
“The requested severance package in the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four Naira and Ninety-Four Kobo), was paid by the Commission into Mr. Gwarzo’s bank account, held with Guarantee Trust Bank PLC, with account number 0023868895.
“Mr. Gwarzo received the above stated payment of a severance package in total disregard of the opinion of Mr. Frana Chukwuogo, the Acting Head of the Commission’s Legal Department, who clearly stated, in accordance with best practices, that a severance payment can only be paid to an employee of the Commission who has concluded his or her service and has completely disengaged from the Commission and not to an employee who has been promoted within the Commission and has not severed his employment with the Commission” the petition stated.
The petition further stated that the SEC DG had been awarding contracts to his family members and friends, in violation of the rules guiding the commission. It said Gwarzo, his family members and certain directors of the commission were shareholders and directors in companies “used to carry out illegal transactions”.
Reacting to the allegations, the Head of Corporate Commission of the SEC, Mr. Naif Abdussalam , in an email to Vanguard said: “RE: publication by Sahara Reporters. The attention of the Commission has been drawn to a publication by Sahara Reporters titled “How SEC Director-General Illegally Paid Self Severance Benefit, Awarded Contracts To His Companies” and hereby state that it had been aware of the allegations contained in that article since January 2017 following the receipt of a petition. As a tradition, the Commission follows laid down rules and regulations in all its activities, and in this particular case, we ensured that no relevant policy was breached. However, the Commission is currently putting together an official response and will issue same shortly.”
