The Minister of Finance, Mrs.

A statement issued by the Federal Ministry of Finance on Wednesday, November 29, 2017, said the suspension was in line with the Public Service Rules (PSRs) 03405 and 03406.

The statement said, "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 by the API."

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Adeosun also suspended two management staff of the Commission – Mr Abdulsalam Naif Habu, the Head of Media Division and Mrs. Anastasia Omozele Braimoh, the Head of Legal Department.

They were accused of engaging in financial impropriety in the Commission.