Court Grants Suspended SEC DG Gwarzo N25m Bail

June 6, 2018

By Dipo Olowookere

An Abuja High Court on Tuesday granted the suspended Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, a bail of N25 million with a surety. Also granted bail was a SEC commissioner, Zakwanu Garuba.

Justice Husseini Baba-Yusuf directed that the sureties to be produced by the defendants must not be less than a Deputy Director in any Federal Government establishment and they must be resident and own landed properties in Abuja and must also submit the title documents of the properties to the court’s registry.

Mr Gwarzo and Mr Garuba were arraigned in court yesterday by the Independent Corrupt Practices and other related offences Commission (ICPC) for allegedly mismanaging over N115 million.

Mr Gwarzo was suspended from office in November last year by the Minister of Finance, Mrs Kemi Adeosun, over alleged financial misconduct.

He was accused of paying himself N104.9 million as severance benefit in 2015 when he had yet to retire, resign or disengage from service. He was also alleged to have received the sum of N10.98 million in excess of car grant three years ago.

On his part, Mr Garuba, an Executive Commissioner, Corporate Services of SEC, was accused of conferring a corrupt advantage on another public officer in the person of Mr Gwarzo by approving the payments to the suspended SEC boss.

After the charges were read to them, they both pleaded not guilty to the five counts, three of which related to Mr Gwarzo and the two others to Mr Garuba.

Part of the charge read, “That you Dr Mounir Haliru Gwarzo (m) sometime in June, 2015 or thereabout at Abuja Federal Capital Territory, while being a Public officer used your position as Director-General of the Security and Exchange Commission (SEC) to confer corrupt advantage upon yourself when you received the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty One Thousand, One Hundred and Fifty Four Naira, Ninety Four Kobo) as severance benefit whereas yow were yet to retire, resign or disengage from the service of SEC and you thereby committed an offence contrary to and punishable under section 19 of the Corrupt Practices and Other Related Offences Act,2000.”

Shortly after the defendants pleaded not guilty to the charges, their lawyers moved their separate bail applications anchored on the provisions of the Nigerian Constitution and the Administration of Criminal Justice Act, 2015 and filed on May 30.

Meanwhile, the judge has adjourned the case until June 28 and 29 for trial.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

zenith bank plc
Previous Story

Lagos Officials Disrupt Business Activities at Zenith Bank, Access Bank, Others

Next Story

Nigeria’s Business Environment has Improved under Buhari–Minister

Latest from Economy

Don't Miss