SEC files preliminary objection against suspended DG’s suit


The National Industrial Court, Abuja, on Thursday adjourned until Oct. 24 hearing of the preliminary objection filed by Securities and Exchange Commission (SEC), in the suit instituted against it by its suspended Director-General, Mounir Gwarzo.

Justice Sanusi Kado, adjourned the suit after listening to submissions of counsel and ordered that hearing notice be served on the Attorney-General of the Federation who has no legal presentation in court.

Gwarzo was suspended in November 2017, over alleged financial misappropriation.

When the case came up for mention, the claimant counsel, Adetayo Adeyemi, told the court that all the defendants had been served with originating processes.

Chris Uche (SAN), SEC’s counsel,said he had filed memorandum of conditional appearance and served the claimant’s counsel with preliminary objection.

Chinedu Achumie, counsel to the Minister of Finance, acknowledged that they had been served by the claimant, but were yet to reply.

Adeyemi acknowledged that SEC counsel had served them with preliminary objection, but they were yet to reply as they were served on Wednesday.

The claimant is seeking a declaration that his appointment as D-G of SEC is valid, legal and subsisting.

A declaration that the Administrative Panel of Inquiry set up by the Minister of Finance was biased, partial and against the principle of natural justice.

The suspended D-G is also seeking an order of the court to set aside the report of the Administrative Panel of Inquiry that indicted him.