Kemi Adeosun, Minister of Finance, says she suspended Mounir Gwarzo as Director General of the Securities and Exchange Commission (SEC) because he threatened to blackmail her over the ongoing probe of Oando Plc.

Adeosun made this known in a statement issued in Abuja on Friday, explaining that Gwarzo had threatened to leak information to the media if any action was taken against him.

“Mr. Gwarzo personally delivered the memo using SEC staff seconded to the office of the Minister, in breach of normal procedures for the receipt of mail,” Adeosun’s statement read.

“The copy of the memo in the possession of the Minister was delivered with a message that any action against Mr. Gwarzo would result in same being leaked to the press.

“It was this threat of blackmail that strengthened the resolve of the Minister to suspend Mr. Gwarzo and allow the Administrative Panel of Inquiry to proceed with its probe.”

Adeosun said the reports Gwarzo was suspended because he refused to stop the forensic audit he ordered into Oando’s finances, were “misleading and mischievous.”

Gwarzo was suspended on November 29 alongside two other senior staff of SEC — Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department — over allegations of financial impropriety.

But days later, reports emerged in the media that Gwarzo’s suspension was as a result of his refusal to obey Adeosun’s directive allegedly ordering him to discontinue with a probe he ordered into the finances of Oando Plc.

Gwarzo was said to have written Adeosun, explaining to her why the Oando probe should be allowed to go on. But instead of heeding his counsel, Adeosun fired him the next day.

The House of Representatives waded into the matter on Tuesday, ordering a probe into the matter and advising Adeosun to reinstate Gwarzo pending the outcome of the probe.