SEC: CACOL petitions presidency, EFCC

SEC-Security and Exchange Commission-is under scrutiny due to an ongoing investigation by the Economic and Financial Crimes Commission, EFCC. This followed a Presidential Directive to the commission based on petitions against Mournir Gwazo. Gwazo was accused by a Human Rights group, Centre for Anti-Corruption and Open Leadership,CACOL, of corruption to the tune of N104 million, a sum he allegedly paid himself as severance package, and award of contracts to firms he has interests in. “On January 2, 2013,” Adeniran wrote, “Mr. Mournir Haliru Gwarzo was appointed an Executive Commissioner in the Securities and Exchange Commission for a four-year tenure by the then administration of President Goodluck Jonathan.
Before the expiration of the four-year deal, Gwarzo was elevated by same government as the Director General of the Commission on May 22, 2015. But consequent upon resumption of office as the Director General of SEC, Mr. Gwarzo, ordered the payment of a severance benefit to himself to the tune 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. We view this development as total disregard to the standing rule in the civil service that states that severance benefit can only be paid to an employee who has concluded his or her service and has completely disengaged from service and not to an employee who has been promoted within the Commission as is in the case of Mr. Gwarzo.”
This was the same kind of allegations against the secretary to the government, but the presidency appears to be slow to act in his case. He was accused of awarding a contractact to a firm he has interest in to clear Grass at the IDP camp with over N270 million. The presidency is, at beat, lukewarm aboutthe case.
The petition was signed by Debo Adeniran, human Rights activist, who recently hailed the sack of the National Intelligence Agency, NIA, boss, Ayodele Oke and Babachir Lawal, but surprisingly chid the whistle-blower Senator Isa Misau, who has been dogged in the allegations against the Inspector General of Police, IGP, Ibrahim Idris. In the current petition, they made themselves available to supply evidence of impropriety.
In recent times, SEC has gone after Oando, a business interest of the Tinubus, almost immediately Dele momodu, publisher and one time presidential aspirant, alleged that Bola Ahmed Tinubu may be nursing presidential ambition. CACOL, meanwhile has provided list of companies involved in the contract scam. They include Outbound Investment Limited, Medusa Investments Limited, Northwind Environmental Services, Micro-Technologies Limited, Tida International Limited, Outlook Communications, Acromac Nigeria Limited, Balfort International Investment Limited and Interactiven Worldwide Nigeria Limited.

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