Embattled suspended Director-General of the Security and Exchange Commission (SEC), Mr. Mounir Gwarzo was yesterday arraigned by the Independent Corrupt Practices and other related Offences Commission(ICPC), at a FCT High Court, Maitama, on charges bordering on N115.7 million fraud.
Gwarzo, was docked on a five-count charge, bordering on criminal breach of trust and conferring corrupt advantage on himself.
His arraignment came barely 24 hours after he challenged his suspension in court.
He was arraigned alongside the SEC Executive Commissioner, Corporate Services, Zakwanu Garuba,
The ICPC alleged that Gwarzo, on or about June 2015, as Director-General of the SEC, received N104.85million as severance benefits, when he was yet to retire, resign or disengage from the services of SEC.
ICPC also accused him of criminal breach of trust for dishonestly misappropriating N104.85million in the guise of severance benefit.
The ICPC also alleged that Gwarzo conferred a corrupt advantage upon himself, when he received N10.98million in excess of car grant payable to him.
The offence is contrary and punishable under Section 19 of the Corrupt Practices and Other Related Offences Act.
The ICPC further alleged that Gwarzo connived with Garuba to commit the fraud.
The defendants denied committing the alleged offences.
Mr Henry Emore, the prosecuting counsel, prayed the court to grant him a date to open his case.
Mr Abdulhakeem Mustapha, Gwarzo’ counsel applied for his bail, Mr Anthony Malik counsel for Garuba also did the same.
The judge, Justice Hussein Baba- Yusuf, admitted the defendants to bail in the sum of N25 million each, and one surety each in like sum.
He ordered that the surety must not be below the rank of Deputy Director in the Federal Service, with landed property in the FCT.
In addition, the defendants were ordered to deposit their international passports, while the case was adjourned until June 28 and June 29 for commencement of trial. (NAN )