FG docks ex-SEC DG, Mounir Gwarzo over alleged N104m fraud

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The Federal Government yesterday docked a former Director General of the Security and Exchange Commission (SEC), Mounir Gwarzo, before an Abuja High Court over alleged N104 million fraud.

The trial Judge, Justice Hussein Yusuf, however, admitted the defendant to bail in the sum of N25 million, with one surety that must not be below the rank of Deputy Director in the civil service.
Gwarzo was arraigned alongside a SEC commissioner, Zakawani Garuba.

The two were arraigned on a five-count charge which bothers on criminal breach of trust, corrupt enrichment and abuse of office.

Gwarzo, who is the first defendant, was alleged to have corruptly collected over N104 million as severance allowance while still serving as the Director General of SEC.

He was also accused of receiving 10million in excess of car grant while in office.

The second defendant, Garuba, was charged with criminal breach of trust for approving the severance allowance for the first defendant.

When the charge was read to them, they pleaded not guilty.

Counsel to Gwarzo, Mustapha AbdulHakeem, brought an application for bail, praying the court to admit his client to bail as a respected person in the society who is willing to stand and clear his name.

Prosecution counsel, Henry Emore, did not oppose the bail application, but asked the court to put conditions that will compel the accused to come for trial.

The court later granted the defendants to bail in the sum of N25 million each with one surety that must not be below the rank of deputy director in the civil service.
The court added that the surety must also be resident and have a landed property in Abuja.
The court later adjourned till June 28 and 29 for trial.

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