The suspended director-general of the Securities and Exchange Commission, 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, 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 the 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.
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