{"id":31483,"date":"2019-04-24T13:46:26","date_gmt":"2019-04-24T12:46:26","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=31483"},"modified":"2019-04-24T13:46:26","modified_gmt":"2019-04-24T12:46:26","slug":"how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/","title":{"rendered":"How Gwarzo Awarded N33m Contracts In SEC To Own Companies"},"content":{"rendered":"<div dir=\"ltr\">Suspended\u00a0 Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo reportedly awarded contracts to a company in which he is a director to the tune of N33m while in office.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">These and others were contained in the Report of the Administrative Panel of Inquiry into allegations of violations of public service Rules, Financial Regulations and other Extant Rules and Regulations set up by the Honourable Minster of Finance to investigate the allegations and come up with recommendations.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The Terms of Reference of the Panel include to investigate allegations against Gwarzo that he was a director in Medusa Limited and Outbound Investment Limited while still serving as SEC DG and also used his influence to award contracts to those companies.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">On the allegation of Gwarzo\u2019s directorship in Medusa Limited while still serving as DG, the report stated that inquiry made and documents obtained by the panel at the Corporate Affairs Commission\u00a0 revealed that Gwarzo was still a director of the company as well as a major shareholder with a shareholding of N1.2m as at the time of the search<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cHis purported letter of resignation dates 19th December 2012 was not part of CAC\u2019s records as at the date of the inquiry l. It was equally discovered from the account opening mandate obtained from GTBank that Gwarzo was at the date of the inquiry signatory to account No 322324264\/1\/110 maintained by the company with the bank.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The panel was also furnished with a letter dated 24th July, 2015, addressed to the bank signed by Gwarzo as director of the company\u00a0 requesting for a change of account Officer on the basis of a resolution passed and signed by the directors of the company to that effect.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The report indicated that also discovered was a letter dated 16th August , 2016 signed by Gwarzo as a director of the company requesting for the issuance of a credit card in relation to the said account.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cWhen Gwarzo was confronted with the above letters, he admitted to have authored and signed them, but claimed that it was a regrettable action\u201d the report stated .<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cWhen Gwarzo was confronted with the above letters, he admitted to have authored and signed them, but claimed that it was a regrettable action\u201d the report stated .<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">On Outbound Investments Limited which benefitted in contacts awarded by SEC to the tune of N33,736,596, in which Gwarzo is a director and shareholder, he claimed the company belongs to his wife\u2019s family and stated that he was only representing his wife on the Board.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Based on revelations, the panel opined that Gwarzo\u2019s status as director in both Medusa Investment Limited and Outbound Investment Limited while in post as Director General of SEC has raised and established a fundamental issue of conflict of interest against him.<\/div>\n<div dir=\"ltr\">Specifically, the PSR 030424 expressly states that Public officers are not prohibited from holding shares in both public and private companies operating in Nigeria or abroad except that they must not be directors in public companies and may only be directors in public companies if nominated by government.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Further more, Section 6 of the Investment and Securities Act 2007<\/div>\n<div dir=\"ltr\">States as follows: the Director General and the Fill Time Commissioners shall devote their full time to the service of the Commission and while holding office, shall not hold any other office or employment except where appointed by virtue of their office in the Commission into the membership of the Board of any agency of the Government in Nigeria or any International Organisation to which the Commission is a member of in affiliate\u201d.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Given his directorship in both companies, the panel opined that Gwarzo was in breach of PSR 030424 and PSR 030402 ( divided loyalty, which is classified as an act of serious misconduct).<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The panel also opined that being a shareholder of Outbound Investment Limited, Gwarzo used his position as DG to influence the award of contracts to the company which amounts to conflict of interest.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Based on the gravity of the findings by the Panel, it was recommended that Gwarzo be dismissed from the Public Service of the Federal Government for holding the position of a Director in private companies while in service as the DG of SEC in breach of PSR 030424 and Section 6 of the Investment and Securities Act 2007.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The panel also recommended that Gwarzo be referred to the ICPC for further investigation of the allegation of using his position as DG to influence the award of contracts to Outbound Investment Limited in view of the Provisions of Sections 58 (12) (b) and 58 (5) of the Public Procurement Act 2007.<\/div>\n<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>How Gwarzo Awarded N33m Contracts In SEC To Own Companies<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":24109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[3377,575],"coauthors":[2391],"class_list":["post-31483","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-gwarzo","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Gwarzo Awarded N33m Contracts In SEC To Own Companies - National Wire<\/title>\n<meta name=\"description\" content=\"Suspended\u00a0 Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo reportedly awarded contracts to a company in which he is a director to the tune of N33m while in office.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Gwarzo Awarded N33m Contracts In SEC To Own Companies - National Wire\" \/>\n<meta property=\"og:description\" content=\"Suspended\u00a0 Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo reportedly awarded contracts to a company in which he is a director to the tune of N33m while in office.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-24T12:46:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/06\/Gwarzo-300x277.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"277\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/06\/Gwarzo-300x277.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/06\/Gwarzo-300x277.jpg\",\"width\":300,\"height\":277,\"caption\":\"Gwarzo-300x277\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/\",\"name\":\"How Gwarzo Awarded N33m Contracts In SEC To Own Companies - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#primaryimage\"},\"datePublished\":\"2019-04-24T12:46:26+00:00\",\"dateModified\":\"2019-04-24T12:46:26+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"description\":\"Suspended\u00a0 Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo reportedly awarded contracts to a company in which he is a director to the tune of N33m while in office.\u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How Gwarzo Awarded N33m Contracts In SEC To Own Companies\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How Gwarzo Awarded N33m Contracts In SEC To Own Companies - National Wire","description":"Suspended\u00a0 Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo reportedly awarded contracts to a company in which he is a director to the tune of N33m while in office.\u00a0","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/","og_locale":"en_US","og_type":"article","og_title":"How Gwarzo Awarded N33m Contracts In SEC To Own Companies - National Wire","og_description":"Suspended\u00a0 Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo reportedly awarded contracts to a company in which he is a director to the tune of N33m while in office.\u00a0","og_url":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/","og_site_name":"National Wire","article_published_time":"2019-04-24T12:46:26+00:00","og_image":[{"width":300,"height":277,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/06\/Gwarzo-300x277.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/06\/Gwarzo-300x277.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/06\/Gwarzo-300x277.jpg","width":300,"height":277,"caption":"Gwarzo-300x277"},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/","name":"How Gwarzo Awarded N33m Contracts In SEC To Own Companies - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#primaryimage"},"datePublished":"2019-04-24T12:46:26+00:00","dateModified":"2019-04-24T12:46:26+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"description":"Suspended\u00a0 Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo reportedly awarded contracts to a company in which he is a director to the tune of N33m while in office.\u00a0","breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/how-gwarzo-awarded-n33m-contracts-in-sec-to-own-companies\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"How Gwarzo Awarded N33m Contracts In SEC To Own Companies"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/31483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=31483"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/31483\/revisions"}],"predecessor-version":[{"id":31484,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/31483\/revisions\/31484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/24109"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=31483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=31483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=31483"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=31483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}