Federal Government has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo, from office over allegations of corruption.

The Minister of Finance, Mrs. Kemi Adeosun in a statement Wednesday said Mr Gwarzo’s suspension was to allow for an unhindered investigation of several allegations of financial impropriety leveled against him..

The statement signed Patricia Deworitshe, the ministry’s Deputy Director, Press, said the suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.

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

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

Also suspended along with Gwarzo are two management staff of the Commission – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department – who have also been alleged to engage in financial impropriety in the Commission.