The Federal Government has announced the immediate suspension of Mounir Gwarzo, Director-General of the Securities and Exchange Commission (SEC).

Gwarzo was suspended on Wednesday by Kemi Adeosun, Minister of Finance, following “several allegations of financial impropriety levelled against him”.

According to a statement issued by Patricia Deworitshe, Deputy Director, Press at Ministry of Finance, “the suspension is in line with the Public Service Rules (PSRs) 03405 and 03406”.

The statement explained that the suspension was to allow for an unhindered investigation of into the allegations against Gwarzo.

“The Honourable Minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General,” the statement read.

“She has directed the suspended SEC Director-General to immediately handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.”

Adeosun also suspended two management staff of the commission, namely, “Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department”.

They were as well alleged to have engaged in financial impropriety in the Commission.