The Administrative Panel of Inquiry set up to intervene in the conflict between the Minister of Finance, Mrs Kemi Adeosun and the suspended DG of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has recommended the dismissal of Mr Gwarzo, from the Public Service of the Federal Government.
The Panel also recommended that the suspended SEC Director-General be referred to the Independent Corrupt Practices Commission (ICPC) for further investigation of the allegation of using his position to influence the award of contracts to Outbound Investments Limited.
A source from the Presidency confirmed this to Channels Television’s correspondent on Tuesday.
According to the source, the report, furthermore directed Gwarzo to refund the sum of N104,851,154.94 being the severance package he approved and received.
It also noted that holding the position of the DG of SEC as well as, director in two private companies (Medusa Investment Limited and Outbound Investments Limited) was in breach of public service rule 030424, public service rule 030402 and Section 6 of the Investment and Securities Act, ISA 2007.
Other issues of concern revolved around allegations that Gwarzo had diverted for personal use, three cars that the SEC had purchased as project vehicles.
The Panel, therefore, advised the Federal Government to re-orientate public servants to the very fact that the Public Service Rules and Financial Regulations are ground norms of every Government Service Contract, be it at the Federal, State or Local Government levels.
It added, “Accordingly, all Government Extra-Ministerial Departments and Agencies should be made to understand that the PSR and FR are superior to whatever specific legislations and domestic arrangements that guide their operations, except when such issues were not covered by any provision of the PSR.”