Suspended SEC DG, Mounir Gwarzo, docked over N115.7m scam

SEC DG Mounir Gwarzo

The Independent Corrupt Practices and other related Offences Commission (ICPC) on Tuesday arraigned suspended Director-General of the Security and Exchange Commission (SEC), Mounir Gwarzo, at an FCT High Court, Maitama, on charges bordering on N115.7 million alleged fraud.

Mr Gwarzo was docked on a five-count charge, bordering on criminal breach of trust and conferring corrupt advantage on himself.

He was arraigned alongside the Executive Commissioner, Corporate Services, Zakwanu Garuba,

The ICPC alleged that Gwarzo, on or about June 2015, as director-general of SEC, received N104.85million as severance benefits, when he was yet to retire, resign or disengage from the services of the commission.

ICPC also accused him of criminal breach of trust for dishonestly misappropriating N104.85million in the guise of severance benefit.

The ICPC also alleged that Gwarzo conferred a corrupt advantage upon himself when he received N10.98million in excess of car grant payable to him.

The offence is contrary and punishable under Section 19 of the Corrupt Practices and Other Related Offences Act.

The ICPC further alleged that Gwarzo connived with Garuba to commit the fraud.

The defendants denied committing the alleged offences.

Prosecuting counsel, Henry Emore, prayed the court to grant him a date to open his case.

Gwarzo’s counsel, Mr Abdulhakeem Mustapha (SAN), applied for his bail.

Counsel for Garuba, Anthony Malik, also did same on his behalf.

Justice Hussein Baba- Yusuf admitted the defendants to bail in the sum of N25 million each and one surety each in like sum.

He ordered that the surety must not be below the rank of deputy director in the federal service, with landed property in the FCT.

In addition, the defendants were ordered to deposit their international passports, while the case was adjourned until June 28 and June 29 for commencement of trial.