Several federal agencies are said to be neck deep in corruption and have devised means of beating the Treasury Single Account TSA. Those who are in possession of the facts said that SEC DG accusation is a tip of the iceberg. They said that because the President did not appoint ministers early enough politicians and civil servants were using back dated approvals to move money out of the treasury. According to an official who saw the happenings said that what was left in the accounts of some of these agencies that were remitted into the TSA.
As of now, they said that some of the top officials of federal agencies and parastatals now use one of their trusted friend or shadow companies to divert public funds into private accounts that they use. He said that the crash in the Naira exchange rate was as a result of the activities some of these treasury looters who use the looted money to buy foreign exchange at vey high exchange rate. He said that most of the transactions were done at Eko Hotel and Federal Palace in Victoria Island. He said that politicians will begin to spend this huge money stock in dollars in 2019 election. He said that Securities and Exchange Commission has been caught up in the cross fire of greed and eat alone syndrome.
Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC), is said to have gotten a severance package of N104 million from the commission shortly after he was named DG in 2015. He was an executive commissioner at SEC when former President Goodluck Jonathan appointed him to lead the commission on May 22, 2015. On assuming office as DG, he allegedly paid himself the hefty package as entitlement for being an executive commissioner for two and a half years.
In a petition to the house of representatives seen by TheCable, Gwarzo was said to have demanded a severance package entitled to a commissioner immediately he assumed office. Despite the opposition mounted by the acting head of SEC legal department, Frana Chuwuogo, Gwarzo allegedly received over N104 million as benefits of his former position.
“On assumption of office as the DG of the Commission, Mr. Gwarzo immediately requested that the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four Naira and Ninety-Four Kobo), be paid to him as severance package for the cessation of his appointment as Executive Commissioner of the Commission,” the petition read.
“The requested severance package in the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four Naira and Ninety-Four Kobo), was paid by the Commission into Mr. Gwarzo’s bank account, held with Guarantee Trust Bank PLC, with account number 0023868895.
“Mr. Gwarzo received the above stated payment of a severance package in total disregard of the opinion of Mr. Frana Chukwuogo, the Acting Head of the Commission’s Legal Department, who clearly stated, in accordance with best practices, that a severance payment can only be paid to an employee of the Commission who has concluded his or her service and has completely disengaged from the Commission and not to an employee who has been promoted within the Commission and has not severed his employment with the Commission.” The petition said the SEC DG had been awarding contracts to his family members and friends, in violation of the rules guiding the commission.
It said Gwarzo, his family members and certain directors of the commission were shareholders and directors in companies “used to carry out illegal transactions”. Details of the “illegality” were stated, with at least four different accounts said to be traced to him. “Mr. Gwarzo and two of his relatives are Directors of Outbound Investment Ltd. (the Company). Since Mr. Gwarzo assumed office as DG of the Commission, the Company has been the sole supplier of diesel to the Commission,” the petition read.
“The Company has also supplied air conditioners to the Lagos Zonal office of the Commission, as well as supplied fridge to the Commission. See Appendix BI attached hereto.
“Payments made by the Commission to the Company for contracts executed can be verified from the Company’s bank account held with United Bank for Africa Plc, with account number 1016723428.
“In addition, the Company has executed more contracts for the Commission which are not listed in Appendix B1, however these contracts can be verified from the Commission’s accounting records.
“Mr. Gwarzo is the DG of the Commission is a Director of Medusa Investments Limited (the Company). The only other Director of the Company is Khadija Mustapher, who is also the wife of the DG of the Commission. See Appendix B3 attached hereto. The Company has actively been used by Mr. Gwarzo, as a shell to carry out illegal transactions as is verifiable from the frequent transactions carried out through the Company’s bank account held with Guaranty Trust Bank Plc, with Account Number 0023953920. Mr. Gwarzo is a signatory to the said Company account. See Appendix B1 attached hereto.
“Mr. Haris Haliru Gwarzo, the younger brother of the DG of the Commission, is the Sole proprietor of Northwind Environmental Services (the Company). The Company has been engaged by the Commission to clean the Commission’s Kano Zonal Office, since the inception of Mr. Gwarzo’s tenure as the DG of SEC. See Appendixes B1 and B4 attached hereto.
“Payments made by the Commission to the Company for contracts executed, can be verified from the Company’s bank account with Diamond Bank Plc, with Account Number 0095179297.”
Five other companies allegedly used for personal gains were listed by the petitioner.
