The suspended Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo has been recommended for dismissal from the Public Service by the Administrative Panel of Inquiry set up by the Federal Government.

The panel it was learnt has also recommended his prosecution by the Independent Corrupt Practices Commission, ICPC has learnt. He is also to refund the N104 million severance allowance he approved and collected following his promotion from commissioner to DG.

The report which has been submitted to the minister of finance, Mrs. Kemi Adeosun also recommended that the cases of two management officers of the Commission – Mrs. Anastasia Omozele Braimoh and Mr. Abdulsalam Naif H. be subjected to the commission’s disciplinary procedures.

The API chaired by the Permanent Secretary of the Federal Ministry of Finance, Mahmoud Isa-Dutse was constituted following Gwarzo’s suspension upon multiple allegation of fraud levelled against him. Gwazo had, however, alleged that he was suspended because he refused the minister’s injunction to suspend the forensic investigations into Oando, a quoted company.

Among the recommendations of the Panel as stated in the report include:

Mr. Mounir Gwarzo should be referred to the ICPC for further investigation of the allegation of using his position as Director-General to influence the award of contracts to Outbound Investments Limited in view of the provisions of Sections 57 (12) (b) and 58 (5) of the Public Procurement Act, 2007;

Gwarzo should be dismissed from the Public Service of the Federal Government, in line with PSR 030402 (in relation to the allegation on Golden Handshake), having breached paragraphs 313 and 316(4) of the Financial Regulations (Government Notice No. 219 of 27th October, 2009)(engaging in extra budgetary expenditure without appropriate approval);

Should be discharged on the allegations of award of contracts to Medusa Investments Limited; award of contracts to other companies as mentioned in paragraph 5.1.1 and to which no relationship with Mr. Mounir H. Gwarzo was sufficiently established.