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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.

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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.

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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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