ICPC vows to appeal ex-SEC-DG Gwarzo acquittal ruling


The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has vowed to appeal the ruling on the ‘No Case Submission’ in the trial of the suspended Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo. 

 The ICPC had dragged Gwarzo and the Executive Commissioner, Corporate Services of SEC, Zakawanu Garuba before a high court in Abuja after he was suspended by former Minister of Finance, Kemi Adeosun, from his position in November 2017 over allegations of corruption.

The minister then set up a panel to investigate the alleged issues, after which the ICPC arraigned them in court

The duo were arraigned in June 2018 before Justice Husseini Baba Yusuf of the Federal Capital Territory (FCT) High Court on a five-count charge bordering on fraud to the tune of about N115 million when Mr Gwarzo was the DG-SEC.

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In a statement signed by ICPC spokesperson, Rasheedat Okoduwa, alleged that Mr Gwarzo received N104.9 million as severance benefits and N10 million excess car grant which he was not entitled to and therefore committed a breach of trust and conferred a corrupt advantage upon himself.

“Garuba was accused of allegedly conniving with Gwarzo to commit the fraud because he approved the monies for him as an Executive Commissioner, Corporate Services in SEC then.

“The defence counsel A.U.Mustapha (SAN) and Robert Emupkoeruo filed for a No Case Submission after the prosecuting counsel had brought forward their witnesses. The defence urged the court to hold that the prosecution was unable to prove the case against their client.

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Mrs Okoduwa, in the statement, explained that the court then upheld the No Case Submission of the defendants ”because the prosecution had failed to prove the elements of the offence”.

It said the Board of SEC was the highest authority in the SEC and had by resolution approved the severance benefit and the car grant.



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