ICPC Files Charges Against Former SEC Boss Mounir Gwarzo

May 9, 2018
ICPC Files Charges Against Former SEC Boss Mounir Gwarzo

By Modupe Gbadeyanka

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed fraud charges against the suspended Director-General of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.

The charges were filed at a Federal Capital Territory (FCT) High Court in Abuja.

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

Mr Gwarzo was suspended from office after being alleged of paying about N105 million to himself as severance package while still being under the employment of the apex capital market regulator.

In the suit, the ICPC also accused Mr Gwarzo of collecting a car benefit worth N10 million.

“That you Mounir Gwarzo, on or about June 2015, while being the Director-General of the Securities and Exchange Commission (SEC), 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,” the charges read.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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