FG Arraigns Gwarzo Suspended SEC DG Over N115.7m Fraud

Abuja – The Federal Government on Tuesday arraigned the suspended Director General of Security and Exchange Commission, Mounir Gwarzo, before a High Court of the Federal Capital Territory over breach of trust and allegation of fraud amounting to N115.7million.
Gwarzo was charged to court by the Independent Corrupt Practices and other related offences Commission on a five-count charge bordering on  crimimal breach of trust and using his office to confer corrupt advantage to himself.
Docked alongside Gwarzo, was the Executive Commissioner, Corporate Services, SEC, Zakwanu Garuba.
The Federal Government agency had accused the Gwarzo of  committing criminal breach of trust when he dishonestly misappropriated the sum of  N104,851,154.94 as his severance benefit contrary to relevant provision of the Corrupt Practices and Other Related Offences Act.
The ICPC alleged that Garuba,  connived with Gwarzo to commit the fraud.
In addition, the ICPC alleged that Gwarzo, on or about June 2015, while being the Director-General of the Securities and Exchange Commission, received the sum of N104,851,154.94 as severance benefits when he was yet to retire, resign or disengage from the service of SEC.
“That you conferred a corrupt advantage upon yourself when you received the sum of N10,983,488.88 in excess of car grant payable to you and thereby committed an offence contrary to and punishable under Section 19 of the Corrupt Practices and Other Related Offences Act.
However, the defendants pleaded not guilty to the allegations.
Meanwhile, after hearing the bail application of the defendants, the trial judge, Justice Hussain Baba Yusuf, granted them bail to the tune of N25million each and one surety each in the like sum.
As part of the bail condition, the court ordered that the surety must not be below the rank of a Deputy Director in the federal civil service.
The surety must show evidence of ownership of a landed property in the FCT and must deposit title documents of the property with the registrar of the court.
More so, Justice Baba Yusuf directed the defendants to deposit their international passports to the registrar of the court.
The court has adjourned the matter to June 28 and 29 for commencement of trial.

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