Mounir Gwarzo, the embattled Director-General of the Securities and Exchange Commission (SEC), has resigned from office.
His resignation comes amidst allegations and trial for corruption, while standing his ground that an audit of Nigeria’s largest and most influential indigenous oil firm, Oando, be conducted.
Gwarzo was reported to have said that his suspension from office in 2017 was because he insisted on the audit of Oando.
Meanwhile, an official revealed that President Muhammadu Buhari, on Monday accepted Gwarzo’s resignation as the Director-General of the Commission, with effect from January 9, 2020.
According to the Permanent Secretary of the finance ministry, Mahmoud Isa-Dutse, a letter with reference number BD//2000//EXP/216/315 dated May 18, 2020, showed President Buhari’s acceptance of the Gwarzo’s resignation.
The letter titled: RE: RESIGNATION AS DIRECTOR GENERAL OF THE SECURITIES AND EXCHANGE COMMISSION,” from the Office of the Permanent Secretary, Federal Ministry of Finance, reads:
I write to refer to your letter dated 9th January, 2020 on the above subject and convey acceptance of your resignation as the Director-General of the Securities and Exchange Commission by the President of the Federal Commission of Nigeria, Muhammadu Buhari, GCFR, with effect from 9th January, 2020.
Securities and Exchange Commission has been directed to pay you all the benefits you are entitled to.
President Buhari’s acceptance of Gwarzo’s resignation appears to mark the end of a race to return to office after he was suspended by the former Minister of Finance, Kemi Adeosun, in November 2017.
Gwarzo, who was appointed in 2015, according to the Minister, was suspended from office “to allow for an unhindered investigation of several allegations of financial impropriety levelled against him.”
Gwarzo, however, maintained that he was suspended because he ordered an audit into Oando, saying that Mrs Adeosun pressured him to drop the Oando investigation which he declined.
In the meantime, findings revealed that the audit and its findings were later embroiled in legal controversies.