How Nigerian SEC DG pays self 104.85 mln naira severance while still in service

Nigeria has suspended the head of its Securities and Exchange Commission (SEC), Mounir Gwarzo and set up an administrative panel of inquiry to investigate allegations of financial impropriety against him.
In a statement issued by the minister of finance, Kemi Adeosun, Gwarzo was suspended from office allow for an unhindered investigation of several allegations of financial impropriety levelled against the Director-General.
The minister, according to the statement signed by the deputy director press in the ministry, Patricia Deworitshe, Panel of Inquiry is saddled with the responsibility of investigating and determining the culpability of the Director-General.
The SEC DG has been accused of collecting severance package worth 104.85 million naira while still in service in violation of the civil service rules.
Sources also alleged that Gwarzo retained his position as a director of Medusa Investment Limited, in violation of Public Service Rules (PRS) 03042.
Other allegations against him include the award of contracts to Medusa Investment and other companies to which he is related, thus resulting in a conflict of interest.
The SEC Director-General has been directed to hand over to the most senior officer at the Commission, pending the conclusion of the investigation.
The minister also suspended two other senior staff of the commission, Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department – who have been alleged to engage in financial impropriety in the Commission.