ICPC charges suspended SEC DG, Gwarzo, with N115m fraud

The Independent Corrupt Practices and other related
offences Commission has preferred three charges against the
suspended Director-General of the Securities and Exchange
Commission, Mr. Mounir Gwarzo

In the charge marked CR/185/18, which was filed before a Federal
Capital Territory High Court, Abuja, the ICPC accused Gwarzo of
committing the fraud in June 2015.

The commission also preferred two charges against the SEC
Executive Commissioner, Corporate Services, Zakwanu Garuba, for
allegedly conniving with Gwarzo to commit the fraud.

According to the anti-graft agency, Gwarzo received over N104m
as severance benefit less than a month after his appointment.

The suspended SEC boss was also accused of receiving over N10m
as a ‘car grant’ contrary to Section 19 of the Corrupt Practices
and Other Related Offences Act 2000.

The charges read, “That you, Mounir Gwarzo, on or about June
2015, while being the Director-General of the Securities and
Exchange Commission, received the sum of N104, 851, 154.94 as
severance benefits when you had yet to retire, resign or disengage
from the service of SEC. You conferred a corrupt advantage upon
yourself and committed an offence under Section 19 of the Corrupt
Practices and Other Related Offences Act 2000.

“That you committed a criminal breach of trust to wit:
dishonestly misappropriated the sum of N104, 851, 154.94 as your
severance benefit contrary to Section 311 and punishable under
Section 312 of the Penal Code Cap 532 Vol 4 of FCT Abuja 2007.

“That you conferred a corrupt advantage upon yourself when you
received the sum of N10, 983, 488.88 in excess of car grant payable
to you and thereby committed an offence contrary to and punishable
under Section 19 of the Corrupt Practices and Other Related
Offences Act.”

Gwarzo was suspended by the Minister of Finance, Mrs. Kemi
Adeosun, in November 2017 for alleged financial impropriety.

Adeosun also set up an administrative panel of inquiry to
investigate and determine the culpability of the suspended DG.

The panel in January 2018 recommended Gwarzo’s sacking.

The suspended SEC boss had, however, denied all the allegations
levelled against him, insisting that he was being persecuted by the
minister for refusing to drop the probe of Oando Plc, an allegation
which the minister denied.

While speaking before the House of Representatives Committee on
Capital Market and Institutions at the National Assembly in Abuja,
the suspended SEC DG had admitted receiving the N104m severance
benefit, defending the payment as his due, having served as a
commissioner for over two years prior to being appointed as the
DG.

He had said, “The minister called me to her office and demanded
that I should stop the forensic audit of Oando. I asked that she
put it in writing, but she called for my resignation instead. She
said if I failed to resign, then I would be suspended.

“And I insisted I would not do anything the minister asked me to
do. What followed the next day was my suspension.”

The Independent Corrupt Practices and other related
offences Commission has preferred three charges against the
suspended Director-General of the Securities and Exchange
Commission, Mr. Mounir Gwarzo

In the charge marked CR/185/18, which was filed before a Federal
Capital Territory High Court, Abuja, the ICPC accused Gwarzo of
committing the fraud in June 2015.

The commission also preferred two charges against the SEC
Executive Commissioner, Corporate Services, Zakwanu Garuba, for
allegedly conniving with Gwarzo to commit the fraud.

According to the anti-graft agency, Gwarzo received over N104m
as severance benefit less than a month after his appointment.

The suspended SEC boss was also accused of receiving over N10m
as a ‘car grant’ contrary to Section 19 of the Corrupt Practices
and Other Related Offences Act 2000.

The charges read, “That you, Mounir Gwarzo, on or about June
2015, while being the Director-General of the Securities and
Exchange Commission, received the sum of N104, 851, 154.94 as
severance benefits when you had yet to retire, resign or disengage
from the service of SEC. You conferred a corrupt advantage upon
yourself and committed an offence under Section 19 of the Corrupt
Practices and Other Related Offences Act 2000.

“That you committed a criminal breach of trust to wit:
dishonestly misappropriated the sum of N104, 851, 154.94 as your
severance benefit contrary to Section 311 and punishable under
Section 312 of the Penal Code Cap 532 Vol 4 of FCT Abuja 2007.

“That you conferred a corrupt advantage upon yourself when you
received the sum of N10, 983, 488.88 in excess of car grant payable
to you and thereby committed an offence contrary to and punishable
under Section 19 of the Corrupt Practices and Other Related
Offences Act.”

Gwarzo was suspended by the Minister of Finance, Mrs. Kemi
Adeosun, in November 2017 for alleged financial impropriety.

Adeosun also set up an administrative panel of inquiry to
investigate and determine the culpability of the suspended DG.

The panel in January 2018 recommended Gwarzo’s sacking.

The suspended SEC boss had, however, denied all the allegations
levelled against him, insisting that he was being persecuted by the
minister for refusing to drop the probe of Oando Plc, an allegation
which the minister denied.

While speaking before the House of Representatives Committee on
Capital Market and Institutions at the National Assembly in Abuja,
the suspended SEC DG had admitted receiving the N104m severance
benefit, defending the payment as his due, having served as a
commissioner for over two years prior to being appointed as the
DG.

He had said, “The minister called me to her office and demanded
that I should stop the forensic audit of Oando. I asked that she
put it in writing, but she called for my resignation instead. She
said if I failed to resign, then I would be suspended.

“And I insisted I would not do anything the minister asked me to
do. What followed the next day was my suspension.”