Following his suspension as the Director General of the Nigerian Securities and Exchange Commission (SEC) by the Minister of Finance, on 27th November 2017, Mounir Haliru Gwarzo has filed charges at the Nigerian Industrial Court against the following parties; the Securities and Exchange Commission (SEC), Mrs Kemi Adeosun the Honourable Minister of Finance and the Attorney General of the Federation.
The suspended SEC DG, is seeking determination of the following, whether the second defendant has power to suspend him as director general, Securities and Exchange Commission, whose appointment was by the President of the Federal Republic of Nigeria and confirmed by the Senate in accordance with section 5(1) & (2) of the Investment and Securities Act 2007. Therefore his purported suspension as director general SEC by the second defendant is illegal, unconstitutional, unlawful and ultra vires the powers of the second defendant.
Whether his purported suspension as director general, Securities and Exchange Commission, by the second defendant vide a letter of suspension dated 29th November, 2017, signed by the second defendant was in compliance with section 8(1) & (2) of the Investment and Securities Act 2007. Whether the public service rule relied upon by the second defendant to suspend him as director general, Securities and Exchange Commission is applicable to persons holding the office of director general, Securities and Exchange Commission.
Whether the administrative panel of enquiry set up by the second defendant was properly constituted to be fair and impartial. therefore that the administrative panel of inquiry set up by the second defendant after his suspension is biased, partial and against the principles of natural justice and that the report of the panel should be set aside in its entirety and the public service rules relied upon by the second defendant in suspending him are not applicable to a person holding the office of director general of SEC.
He is therefore asking the courts to set aside the report of the Administrative Panel of Inquiry, set aside his suspension and reinstates him. Finally for the payment of all his allowances and emoluments due to him from the 1st defendant from the date of his purported suspension to date.