ICPC asks court to dismiss no-case-submission by suspended SEC DG, Gwarzo

The Independent Corrupt Practices and Other Related Offences
Commission (ICPC) has asked the Federal Capital Territory (FCT)
High Court to overrule a No-Case Submission filed by the suspended
Director-General of the Securities and Exchange Commission (SEC),
Mounir Gwarzo, and a former Executive Commissioner of the agency,
Zakawanu Garuba.

In a statement signed by its spokesperson, Rasheedat Okoduwa,
the commission said “In an amended charge filed before Justice
Hussaini Baba Yusuf, the prosecuting counsel, Raheem Adesina, asked
the defendants to explain the issue of severance package benefits
that were paid to Mr Gwarzo.

According to the statement, “Before the counsel adopted their
written addresses, the prosecuting counsel drew the attention of
the court to the amended charge which was granted and the
defendants took a fresh plea.

“The prosecuting counsel also moved a motion for extension of
time to file his written address which was not opposed by the
defence counsel.”

Following this, Mr Adesina’s request was granted by the
court.

“Thereafter the counsel to the defendants, Abdulhakeem Mustapha
and Robert Emupkoeruo, adopted their written addresses before
asking the court to uphold the No-Case Submission and discharge the
defendants.”

The commission said Mr Adesina also adopted his written address
and urged the court to dismiss the No-Case Submission for lacking
merit.

He argued that the defendants relied heavily on ICPC’s Exhibit 3
to justify the payment of severance benefits to Mr Gwarzo whereas
the document never mentioned severance benefit.

Mr Adesina also argued that what was decided in the exhibit were
retirement and resignation benefits for political appointees who
have spent at least two years in SEC.

He concluded that the word ‘severance’ was smuggled into the
document purposely to confer a corrupt advantage on Mr Gwarzo
because at the time he collected the money, he was neither retired
nor resigned from SEC.

Mr Gwarzo is facing multiple charges that include using his
office to confer an undue advantage upon himself by receiving
N104.9 million as severance allowance from SEC while still in the
employment of the agency.

Mr Garuba is charged with conferring an undue advantage on a
public officer, which is contrary to Section 19 of the Corrupt
Practices and Other Related Offences Act, 2000, the statement
added.

Part of the charge reads; “That you Dr Mounir Haliru Gwarzo (M)
between May and June 2015 or thereabouts at Abuja within the
jurisdiction of this honourable court, during the period of your
appointment as the Director-General of the Security and Exchange
Commission (SEC), being entrusted with the management of SEC did
commit criminal breach of trust to wit: dishonestly
misappropriating the sum of N104,851,154.94 (One Hundred and Four
Million, Eight Hundred and Fifty One Thousand ,One Hundred and
fifty four Naira and Ninety Four Kobo), as your severance package
which you were not entitled to, and you thereby committed an
offence contrary to Section 311 and punishable under 312 of the
Penal Code Act Cap 532 volume 4 Laws of the Federal Capital
Territory Abuja, 2007”.

“That you Zakawany Garuba (M) on or about June 2015 or
thereabouts at Abuja within the jurisdiction of this honourable
court, while being a public officer as a Commissioner in the
Securities and Exchange Commission (SEC) used your position to
confer a corrupt advantage upon another public officer to wit:
approving the sum of N104,851,154.94( One Hundred and Four million,
Eight Hundred and Fifty-One Thousand, One Hundred and Fifty-Four
Naira Ninety-Four Kobo) as severance package to the then
Director-General of SEC; Dr Mounir Haliru Gwarzo which he was not
entitled to and you thereby committed an offence contrary to and
punishable under 19 of the Corrupt Practices and Other Related
Offences Act 2000”.

The judge adjourned the ruling to April 12, adding that the
defendants’ bail should continue.

Kwara Debt Profile Stands at N30.2bn

The Kwara State Government has clarified that contrary to
speculation in the social media, the state’s current debt profile
stands at N30.2 billion with a monthly repayment of N496m.

According to the State Commissioner for Finance, Alhaji Demola
Banu, the debt stood at N31,481,082,712.95 in 2017 and
N30,751,665,421.83 at the end of 2018, contrary to rumours and
speculation of N50.2b.

Giving a breakdown of the current indebtedness, Banu explained
that the N30.2b includes N15,325,541,483.03 as the balance of the
Federal Government restructured loan, N4,002,948,667.07 as salary
bail out, excess crude account loan outstanding of
N9,324,613,607.52 and vehicle loan balance of N128,916,612.87.

Others are the Commercial Agriculture Credit Scheme (CACS) and
Anchor Borrowers Programme (ABP) Agriculture Scheme with respective
balances of N646,213,285.03 and N679,233,857.13 as well as
International Aviation College loan balance of N96,165,095.64.

While clarifying that the repayment of N496,367,109.08 is
deducted from the state’s monthly federal allocation, Banu added
that the figure includes a monthly deduction of N39,632,016.56 as
repayment for foreign loans obtained by the government in the
1970s.

Giving a further breakdown, Alhaji Banu explained that the
federal government restructured the state government’s short- and
long-term bank loans to reduce monthly repayment, while the state
also benefitted from a N5b salary bailout loan in 2015.

Additionally, the commissioner stated that the excess crude
account loans were federal government-backed bank facilities which
served as seed money for the Kwara State Infrastructure Development
Fund (IF-K) and payment for ongoing projects in the state while
CACS and ABP are state-government guaranteed Central Bank of
Nigeria (CBN) loans to farmers in the state.