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ICPC takes suspended SEC DG, Gwarzo to court over alleged N115.8 million fraud


ICPC Headquarters

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned the suspended Director-General of the Security and Exchange Commission (SEC), Dr. Mounir Haliru Gwarzo.

He was charged over an allegation of misappropriating N115.8 million.

Gwarzo and a commissioner in SEC, Mr. Zakawanu Garuba, are facing a five-count charge before Justice Hassan Yusuf Baba in a High Court in Abuja.


Gwarzo was accused of paying himself N115, 834, 643.82 as severance package, and giving himself a car allowance in 2015, while still in the service of SEC.

On the other hand, Garuba is facing allegations of approving N10.9 million for car allowance.

ICPC’s counsel, Henry O. Emore, informed the court that their actions were contrary to the provisions of Section 19 of the ICPC Act 2000.

The accused pleaded not guilty when the charges were read to them.

Counsel to the accused, A.U Mustapha and A.A Malik, pleaded for bail from the court since their clients had kept to the conditions of the administrative bail, which ICPC had given them.

Justice Baba, in his ruling, granted the accused bail in the sum of N25 million each, with a surety who should not be below the rank of a Deputy Director in the federal public service.

He must also be resident and have landed property in the Federal Capital Territory.

The judge also ordered that the documents of the properties of the sureties and the international passports of the accused persons be submitted to the court.

He adjourned further hearing to June 28 and 29.

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