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How SEC DG, Gwarzo, allegedly awarded contracts to self, family members



How SEC DG, Gwarzo, allegedly abused his office

Reports have emerged of how the Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, and other senior members of the organization systematically abused their offices.

Following the development, the Minister of Finance, Mrs. Kemi Adeosun, has suspended Gwarzo and two other officials of the Commission to allow for an unhindered investigation of several allegations of financial impropriety leveled against the Director General.

In a statement signed by Patricia Deworitshe, Deputy Director, Press, Federal Ministry of Finance, the Minister stated that the suspension was in line with the Public Service Rules (PSRs) 03405 and 03406.

The statement noted that the Minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General.

The Minister has also directed the suspended SEC DG to immediately handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.

Also suspended were two management staff of the Commission – Mr. Abdulsalam Habu, Head of Media Division and Mrs. Anastasia Braimoh, Head of Legal Department – who were alleged to have engage in financial impropriety at the Commission.

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It had been alleged that the SEC DG was using fronts to corner contracts for himself, siblings and cronies. In one instance, a major beneficiary of contract awards was said to be Outbound Investment Limited, which is by Mr. Gwarzo and his two brothers in-law, Messrs. Suleiman Mustapha and Kaloma Dahiru Mustapha as directors of the company. Since the assumption of office by Gwarzo, Outbound Investment Limited has exclusively supplied diesel to SEC among other contracts.

Another company, Medusa Investments Limited was said to have Gwarzo as a director along with his wife, Khadija Mustapher while Northwind Environmental Services, which was registered in February 2016 by Mr. Haris Haliru Gwarzo, younger brother to the SEC DG, has been the sole provider of cleaning services to the Commission’s zonal office in Kano since Gwarzo assumed office among other contracts.

Micro-Technologies Limited, which is said to be owned by Mrs. Anastasia Braimoh, Head of SEC’s Legal Department, and her husband, Mr. Samuel Braimoh, has been executing several contracts, including supply of projectors and facilitation of staff training programmes.

Tida International, a major supplier of office equipment to the Commission and other contracts, was said to be owned by Mr. Abdulsalam H. Naif, SEC’s Head of Media Division, and his siblings and other members of his family.

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  1. seyi jelili

    November 30, 2017 at 3:26 am

    You see life , awarding contracts to unmerited people because they are friends and family. Politics in Nigeria is full of nepotism, Thanks to Adeosun for doing the needful

    • yanju omotodun

      November 30, 2017 at 3:58 am

      If Adeosun is not careful, she will be indicted with one corrupt allegation soon because she is suspending a northern man


    November 30, 2017 at 3:47 am

    The way the northerners are siphoning and mismanaging nowadays in this government is just too extreme, they don’t even fear their Allah again and yet they claim to be religious. Buhari should better bemoan himself.

    • Balarabe musa

      November 30, 2017 at 4:12 am

      Awusubillahi, you are a kaeferi, infidel, so I won’t barter words with you for just wrong allegations against the North.

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