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Some reports and facts have emerged on how the suspended Director General of the Securities and Exchange Commission, Mounir Gwarzo, paid N1.7bn as severance package to 44 members of staff of the commission without approval from the Minister of Finance, Mrs. Kemi Adeosun. The payment of the amount is one of the contraventions of financial regulations by the embattled SEC DG, which led to the recommendation of his dismissal.

According to the report of the Administrative Panel of Inquiry, the payment of the N1.7bn to the 44 members of staff of the commission as severance package was never provided for in the commission’s budget for 2015. He was said to have in 2015 introduced a voluntary exit scheme for members of staff willing to quit the service of SEC. The scheme christened, Golden Handshake, was designed to ease out members of staff voluntarily with attractive packages as benefits.

A top government official privy to the content of the report of the administrative panel told Punch, “In 2015, he single handedly without a budgetary provision paid N1.7bn to a set of staff under a golden handshake. By law, the DG of SEC is required to seek the approval of the Minister of Finance, even if there is a board in place. “They should have sought the approval of the minister, who, in turn will present it to the President and the request is sent to the National Assembly. But the suspended SEC DG went outside budgetary provision to effect the payment”

Contrary to the claim by Gwarzo that he had resigned from the board of Outbound Investment and Medusa Investment Limited, a copy of the resolution reached by the board of Medusa dated August 15, 2016, showed that he was still a director of the company. Gwarzo’s personal interest in the companies, according to the report, is a clear contravention of the regulation, which explicitly prohibits public officers from being in situations that bring their personal interests into conflict with their public duties.

Gwarzo had tendered a letter of resignation as a director of Medusa Investments Limited on December 19, 2012, to the API while appearing before members of the committee in January 2018. The panel in its report, however, said the actions taken by the former SEC boss in 2015 and 2016 negated his letter of resignation as a director in Medusa. For instance, it was stated that based on bank documents , Gwarzo had written a Wuse branch of a bank in Abuja on July 24 , 2015, requesting for a change of account officer.

According to Punch, his letter to the bank, was signed in his name as a director of Medusa Investments Limited. The API had in its report recommended the sacking of the embattled DG from the public service. A final decision on the report is being awaited from the Federal Government. When contacted by Punch, Gwarzo said in a text message that the claim that he paid the sum of N1.7bn severance package to staff members without approval was untrue.

He stated, “It’s not true; please discuss with the Board Secretary of the commission and they will show you the board approval. We have also provided explanations to both the ICPC and EFCC and got clearance on the issue signed by the former Chairman of ICPC. “And let’s also state that at that time we had a board thus, we did not require the approval of the minster and the board approved it.”

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BIG STORY

Lagos Ministry Demolishes Illegal Gatehouse After Attack On Workers [PHOTOS]

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The Lagos Ministry of Environment and Water Resources has commenced the demolition of an illegal gatehouse erected by the management of an estate on January 3, 2025.

The action follows repeated warnings from the ministry, which had earlier alerted the estate about the unlawful construction.

Sources revealed that the estate proceeded to build a soakaway system on the road immediately outside the entrance gate, despite several official warnings from the ministry.

This prompted the ministry’s task force to intervene on January 2, 2025, to dismantle the septic tank that was being constructed.

However, during the operation, workers from the ministry were reportedly attacked and locked up by the estate’s management.

In response to the harassment of its workers, the Lagos Ministry of Environment and Water Resources escalated its actions, directing the demolition of the illegal gatehouse on January 3, 2025.

The demolition is part of the ministry’s broader efforts to ensure that constructions adhere to legal and environmental standards.

Details later…

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BIG STORY

Inside Jigawa: One Dead, Groom Hospitalised As Bride Allegedly Poisons Wedding Guests

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A wedding in Jigawa State has turned tragic after a bride allegedly poisoned food served at the reception.

The incident reportedly left the groom critically ill and one of the wedding guests dead.

The incident occurred in the Jahun Local Government Area of the state.

Eyewitnesses suggested that the bride’s actions may have been driven by a personal vendetta.

Speaking on Friday, the state Police Public Relations Officer, Shi’isu Adam, confirmed the incident and stated that an investigation was underway.

“We received a report that the bride had tainted the food served at the wedding reception, leaving the groom critically ill.

“Police have arrested two suspects in connection with the alleged food poisoning incident that occurred during a wedding ceremony in the state,” Adam said.

He revealed that the two suspects are the bride and another female, adding that they are in custody and being interrogated by the Criminal Investigation Department of the command.

The police spokesperson added, “We will do everything in our power to ensure that justice is served.”

According to the police spokesman, all the wedding attendants who consumed the poisoned food have been discharged from the hospital, except for the one person who was confirmed dead.

“The command is currently investigating the circumstances surrounding the incident, and we will provide more details as soon as possible.

“For now, we can confirm that the incident occurred, and we are working tirelessly to unravel the facts. We urge the public to remain calm and assured that justice will be served,” he concluded.

The identities of the deceased, the groom, and other victims have not been disclosed by the authorities.

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BIG STORY

Peter Obi Hellbent On Inciting Nigerians Against President Tinubu, He’s A Doomsayer — APC

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The All Progressives Congress (APC) has described Peter Obi’s New Year message as “misleading and an attempt to score cheap political points.”

Obi, who was the presidential candidate of the Labour Party in the 2023 elections, used his New Year message to criticize President Bola Tinubu, expressing grave concerns over institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile.

The former governor of Anambra stated that corruption has been deeply entrenched in government and nepotism has become the norm under Tinubu’s leadership.

He also demanded “vigorous, positive actions” from the administration to bring succour to Nigerians.

However, in a counter-statement on Thursday, Felix Morka, APC spokesperson, stated that Obi’s assessment contradicted all indicators showing that the nation’s economy is rebounding across various sectors.

Morka accused Obi and members of the main opposition Peoples Democratic Party (PDP) of relentlessly trying to incite public outrage against the Tinubu administration.

The APC further accused Obi of portraying himself as “a leading doomsayer, omniscient and philosopher’s stone” while failing to deliver “meaningful achievements during his eight-year tenure as governor in Anambra state.”

“In reality, 18 months later, the economy, under President Bola Ahmed Tinubu’s administration has shown a steady record of progress,” the statement reads.

“Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.”

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.”

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The ruling party added that Tinubu’s goal is to reduce inflation from 34 percent to 15 percent in 2025.

“With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case of carrying coal to Newcastle,” the party added.

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