The suspended Director General of the Securities and Exchange Commission, (SEC), Mounir Gwarzo, is facing at least two enquiries over his role as helmsman of the commission since 2015.

Apart from the administrative enquiry ordered by the Minister of Finance, Mrs Kemi Adeosun, which prompted his suspension so there can be an unimpeded inquiry, Gwarzo is also being investigated by the Economic and Financial Crimes Commission.

EFCC wants to unravel the owners of the nine companies that were awarded contracts by SEC under Gwarzo.

They include Outbound Investment Limited, Medusa Investments Limited, Northwind Environmental Services, Micro-Technologies Limited, Tida International Limited, Outlook Communications, Acromac Nigeria Limited, Balfort International Investment Limited and Interactiven Worldwide Nigeria Limited.

According to the EFCC, Gwarzo, his wife and other cronies allegedly used these companies to carry out illegal transactions in SEC.

Gwarzo, 30 months old as SEC DG, was suspended by the finance minister over allegations of financial misappropriation.

He replaced Ms. Arunma Oteh, who resigned in January 2015. Gwarzo was then the commissioner in charge of operations.

Business and Maritime