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Court dismisses ICPC’s charges against Mounir Gwarzo, ex-SEC DG

Court dismisses ICPC’s charges against Mounir Gwarzo, ex-SEC DG
October 22
16:33 2021

A federal capital territory (FCT) high court in Maitama has discharged and acquitted Mounir Gwarzo, former director-general of the Securities and Exchange Commission (SEC).

Olukayode Adeniyi, the presiding judge, on Friday, while ruling on a no-case submission filed by Gwarzo, said the Independent Corrupt Practices and Other Related Offences Commission (1CPC) failed to prove its case against the accused.

The ICPC had preferred a six-count charge against the former SEC DG in 2020 for allegedly awarding several contracts to Outbound Investment Limited, a private company where he allegedly doubled as a director even while he was DG of SEC.

But Gwarzo filed a no-case submission after the prosecution closed its case.


Kemi Adeosun, former minister of finance, had suspended Gwarzo as the DG of SEC in November 2017 for allegedly approving N104 million for himself as severance package for being a former SEC commissioner.

In a petition seen by TheCable, Gwarzo was also accused of awarding contracts to members of his family and friends, in violation of the rules guiding the commission — he denied the allegation.

He was charged to court, but the allegations were struck out by Hussain Baba Yusuf, an FCT high court judge, on April 14, 2019.


In May 2019, the national industrial court ordered his reinstatement but Gwarzo did not return to office until he submitted his letter of resignation on January 9, 2020.


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