SEC DG’s suspension instills discipline in capital market – Adeosun

The Minister of Finance, Kemi Adeosun, on Tuesday, said that the suspension of former Director-Genearl, Security and Exchange Commission (SEC), Munir Gwarzo, was a right move made to instil confidence in the capital market.
Adeosun stated this uring the House of Representatives Investigative Hearing on Gwarzo’s suspension.
“The decision to suspend the SEC DG was the right one. It has instilled confidence in the capital market, and made clear to investors that Nigeria takes seriously the issue of integrity, and that their funds, which we have worked hard to attract, are safe.
“We followed due process in the suspension. The allegations against him, submitted to our Whistleblowing Unit, were thoroughly investigated, and we gave him a chance to respond and defend himself.
“The DG’s response to our query contradicted the evidence from our investigations—evidence from CAC & from bank records showing that not only was he still a Director in the companies in question, but also that he remained a signatory to their accounts.
“A high standard of propriety and integrity is required from capital market operators, and even more from the capital market regulator. Unfortunately, the suspended DG did not live up to these standards, and disciplinary action was taken in line with due process.”

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