The staff of the Securities and Exchange Commission (SEC) seem not to be amused over a court order reinstating Mounir Gwarzo as the director general of the commission as they locked up the commission’s building Monday morning.
Gwarzo had been suspended by former minister of finance, Kemi Adeosun, over allegations of corruption and abuse of office after he was accused of collecting severance package worth N104.85 million while still in service in violation of the civil service rules.
But the industrial court recently ordered his reinstatement on grounds that the minister lacked powers to suspend him since he was not an employee of the commission.
The court was of the view that the minister in the absence of the board, only had supervisory power, which does not include the power to suspend the DG.
According to Justice Sanusi Kado only the permanent secretary in the ministry of finance, on the directive of the president, who had the power of suspension.
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