Suspended SEC DG, Mounir Gwarzo, Arraigned

The Independent Corrupt Practices Commission (ICPC) has arraigned the suspended Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo on allegations of financial misappropriation.

In the charges read before an FCT High Court, the former SEC boss was accused on five-count charges alongside Zakawani Garba, a commissioner in the SEC of paying himself severance benefits of N104.8m and N10.4m in excess of car grant while still in service.

After the charges were read, Justice Hussein Baba-Yusuf granted them bail in the sum of N25m each and a surety each in like sum.

The judge directed that the surety must be civil servant in a Federal Government agency of not below the rank of deputy director.

Gwarzo had kicked against his removal at the instance of the Minister of Finance, Kemi Adeosun, saying the ‘golden handshake’ that saw large sums shared to top officials of the commission had always been in practice.

Details later…

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