Suspended SEC DG arraigned for ‘fraud’, gets N25m bail

Suspended SEC DG arraigned for ‘fraud’, gets N25m bail
June 05
12:42 2018

Husseini Baba-Yusuf of the federal high court in Maitama, Abuja, has granted Mounir Gwarzo, suspended director general of the Securities and Exchange Commission (SEC), bail.

The Independent Corrupt Practices and other related offences Commission (ICPC) had on Tuesday arraigned Gwarzo, and a commissioner, Zakwanu Garuba, for acts of corruption involving alleged mismanagement of over N115m.

ICPC had accused Gwarzo of receiving N104,851,154.94 as severance benefit when he had yet to retire, resign or disengage from service and another N10,983,488.88 for car grant between May and June 2015.

They both pleaded not guilty to the five counts, three of which related to Gwarzo and the two others to Garuba.


Abdulhakeem Mustapha and A.A. Malik, defence lawyers for Gwarzo and Garuba respectively, applied for bail based on the provisions of the Nigerian Constitution and the Administration of Criminal Justice Act, 2015.

Henry Emore, ICPC’s lawyer, confirmed to the court that the duo was faithful to the conditions of the administrative bail earlier granted them by the commission.

Baba-Yusuf granted bail to each of them in the sum of N25m to be secured by a surety each.


He said the sureties to be produced by the defendants must not be less than a deputy director in any federal government establishment.

The sureties must be resident and own landed properties in Abuja and they must also submit the title documents of the properties to the court’s registry.

The judge also said the defendants must deposit their passports with the court’s registry and they can formally apply for the passports when they have cause to travel.

The case was adjourned till June 28 and 29.



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