ICPC Set To Dock Former Sec DG, Gwarzo, Over N115m Fraud Allegation

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is set to dock Mr. Mounir Gwarzo, the former Director General of the Securities and Exchange Commission (SEC) over allegations of misappropriation of the sum of N115 million.

The anti-graft has already filed charges against Mounir who was sacked as the DG of SEC over the allegations at a Federal Capital Territory High Court in Abuja.

In the suit, ICPC accused Gwarzo of fraudulently receiving a severance package worth N105m while serving as DG of SEC, in addition to collecting a car benefit of N10 million.

Part of the charges read: “That you Mounir 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 you had yet to retire, resign or disengage from the service of SEC.

“You conferred a corrupt advantage upon yourself and committed an offense under Section 19 of the Corrupt Practices and Other Related Offences Act 2000. That you committed a criminal breach of trust to wit: dishonestly misappropriated the sum of N104, 851, 154.94 as your severance benefit contrary to Section 311 and punishable under Section 312 of the Penal Code Cap 532 Vol 4 of FCT Abuja 2007.

“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 offense contrary to and punishable under Section 19 of the Corrupt Practices and Other Related Offences Act.”

Also charged was SEC Executive Commissioner, Corporate Service, Mr. Zakwanu Garuba who was accused of colluding with Mr. Gwarzo to commit the crimes.

Gwarzo was sacked by the Ministry of Finance as DG of SEC last year over allegations of violation of corporate governance procedures, which include granting himself a severance pay and awarding contracts to companies he and his family members have interest in among other infractions.

Sahara reporters

News Reporter

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