Chidi Samuel || Mrs. Kemi Adeosun, Nigeria’s minister of finance has described as “misleading” and “mischievous” allegations that she ordered the recent suspension of Mounir Gwarzo, the Director-General, Securities, and Exchange Commission, SEC, because of his refusal to carry out her instruction to derail forensic audit of Oando PLC finances.
The minister made the disclosure on Thursday while briefing newsmen in her office on the issue.
According to Mrs. Adeosun, Mr. Gwarzo attempted to blackmail her to stave off the sanction by threatening to leak a memo to the media.
The minister who had earlier released a statement on the matter narrated how the suspended SEC DG allegedly breached official procedures and protocol for mails delivery in her office, by delivering a memo to her through the SEC staff seconded to her office.
She said, “The copy of the memo was delivered in a sealed envelope with a message that any action against Mr. Gwarzo would result in same (the memo) being leaked to the press.
“It was this threat of blackmail that strengthened my resolve to suspend Mr. Gwarzo and allow the Administrative Panel of Inquiry, API, to proceed with its probe.”
Mrs. Adeosun further explained that the probe of allegations of corruption against Mr. Gwarzo, and into Oando PLC finances are two separate investigations that government was awaiting their reports.
The decision to address the media on the issue, she said was to avoid a possible backlash and negative impact her continued silence could generate on Nigeria’s capital market in particular and the financial sector of the economy in general.
Apart from her responsibility to approve the composition and terms of reference for the API into allegations against Mr. Gwarzo, the minister said given the speculations and the potential damage on the capital market, it became necessary to set the records straight.
“The integrity of the capital market is vital to the growth of the Nigerian economy and must be managed in an orderly and transparent manner to ensure investors’ confidence. Its leadership must maintain and be seen to maintain the highest standards of integrity,” she noted.
In a statement earlier on Thursday on behalf of the minister by Oluyinka Akintunde, her spokesman, Adeosun defended the action to suspended SEC DG.
The statement read, “It should be noted that Gwarzo was queried by the ministry on November 3 and he responded on November 7, 2017. His response to the query was deemed unsatisfactory and further investigation was ordered.”
“At the meeting on Monday, November 27, Mr. Gwarzo was asked to clarify some of his responses to the query issued, which were not consistent with the documentary evidence.
“From that interaction, Mr. Gwarzo became aware of the strong likelihood of his suspension. It was thereafter that Mr. Gwarzo prepared the memo, which has been circulated in the media.
“Mr. Gwarzo personally delivered the memo using SEC staff seconded to the office of the Minister, in breach of normal procedures for the receipt of mail.
“The copy of the memo in the possession of the minister was delivered with a message that any action against Mr. Gwarzo would result in same being leaked to the press.
“It was this threat of blackmail that strengthened the resolve of the minister to suspend Mr. Gwarzo and allow the administrative panel of inquiry to proceed with its probe.”