By BEN MEMULETIWON
The suspended Director-General of the Securities and Exchange Commission, SEC, Mounir Gwarzo, and a commissioner in the commission, Zakawanu Garuba, were arraigned on Tuesday, at a High Court in Maitama District, Abuja, for alleged financial impropriety.
The Independent Corrupt Practices and Other Related Offences Commission, ICPC, slammed a three-count charge bordering on financial mismanagement totalling N115 million on the suspended SEC boss.
On his part, Garuba, Executive Commissioner, Corporate Services at the Commission, faced a two-count charge of using his office to confer corrupt advantage on Gwarzo by approving the illegal payments to him.
Specifically, the embattled SEC boss was accused of paying himself a staggering N104.85million as severance package while still in active service, when he hadn’t retired or otherwise disengaged; and another N10,99million “in excess of car grant” between May and June 2015.
Both men pleaded not guilty to the charges and their lawyers promptly moved applications for their bail.
Justice Husseini Baba-Yusuf granted bail to each of the accused persons in the sum of N25million with a surety each, who must not be less than Deputy Director in any Federal Government establishment.
The judge also ordered the two men to deposit their passports with the court’s registry but said they could apply for the document any time they wish to travel.
The case was adjourned to June 28 and 29 for trial.