Gwarzo to Adeosun: Public service rule quoted by you does not exist

The suspended Director-General (DG) of the Securities and Exchange Commission (SEC), Mounir Gwarzo, on Tuesday, faulted the public service rule quoted by the Minister of Finance, Kemi Adeosun, in his letter of suspension.
Reading from the letter, which was signed by Adeosun, dated November 29, 2017, during the House of Representatives Investigative hearing on his suspension, Gwarzo said the rule quoted by Adeosun did not exist and never had the power to suspend him.
“I refer to your representation dated November 8, 2017, and further enquiries undertaken by this Ministry and based on the information available to this ministry. I have been convinced of the need for a thorough investigation to be undertaken. In order to ensure an unhindered process, you are hereby suspended from office from the date of this letter,” the letter read.
Drawing attention to the last paragraph of his suspension letter, Gwarzo read further.
“This suspension is in line with the public service rule 03405 and public service rule 03406 pending the conclusion of the investigation.”
He, however, claimed that this public service rule quoted by the Minister of Finance was wrong.
“What we are saying is, this public service rule that she quoted does not exist in the public service rule. Her intention is to make reference to 030405 rather than 03405. That 03405 does not give the Honourable Minister the power to suspend the DG of SEC,” he said.
Making further reference to the Public Service Rule, Gwarzo said that the Securities and Exchange Commission, as a public service institution, had its own policies and cannot be influenced by external factors.
“If you look at the Public Service Rule, which is 160103, it clearly states that, for an institution that already has their own policies, they should be guided by that. My letter of appointment clearly states that my appointment would be governed by the provisions of the Investment and Securities Act.
“So, the question is, ‘what instrument did the honourable Minister use or rely on in my suspension?’ What she quoted does not exist,” he insisted.
The public hearing on the need to intervene in the conflict between the Minister of Finance,  and the suspended DG of  SEC  commenced on December 21, 2017, but was rescheduled for January 2018, due to Adeosun’s absence.
Chairman of the House of Representatives Committee on Capital Market and Institutions, Yusuf Tajudeen, at the hearing, last year, read a letter from the Minister of Finance, asking for permission to attend the Federal Executive Council meeting.

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