Civil Servants Union Tasks Buhari On SEC Board, Panel Report On Gwarzo

Four years after his administration, then freshly inaugurated, announced its dissolution, the Association of Senior Civil Servants of Nigeria (ASCSN), at the weekend urged President Muhammadu Buhari to put an end to the ad hoc board and management of the Securities & Exchange Commission (SEC), and in the process, the nation’s capital market, in line with global best practice.
The association by Alade Bashir Lawal, General Secretary of ASCSN, addressed to President Muhammadu Buhari and copied to Finance Minister, Zainab Usman and DG of the State Security Service, among others, also challenged the Federal Government to publish the report of the panel of Inquiry set up by former Minister of Finance to probe allegations against former SEC DG, Mounir Gwarzo for necessary action.

Allowing the SEC to operate without a board since 2015, the group said, has created a very serious credibility gap, which has impacted negatively on the image and performance profile of the commission, sending wrong signals to stakeholders within and outside the country.
t, therefore, urged the President to reconstitute “the board of the Securities and Exchange Commission (SEC) so as to allow the body operate professionally for the restoration of confidence in the system.”
The ASCSN linked the series of infractions witnessed during the tenure of Mounir Gwarzo, suspended Director-General of the SEC to the absence of a board to oversee the management in the spirit of good corporate governance.
It stressed, “that all those infractions would not have arisen if a board had been in place to supervise the operations of the Commission and also act as a check to the activities of the DG.”

ASCSN alluded to ongoing “frantic efforts” to sweep the case established against Mounir Gwarzo now before the Independent Corrupt Practices and other Related matters Commission (ICPC) under the carpet.
The need for the presidential intervention in the matter at this time, the group stressed, “has become very necessary and extremely urgent given reports that subterranean moves are being made to throw spanners in the works as regards the case against the suspended DG,” which it said would negatively affect the image of the present administration if allowed to happen.

https://investdata.com.ng/2019/05/civil-servants-union-tasks-buhari-on-sec-board-panel-report-on-gwarzo/