ICPC Charges: Court discharges, acquits Mounir Gwarzo, ex-SEC DG

A federal capital territory High Court in Maitama has discharged and acquitted Mounir Gwarzo, former Director-General of the Securities and Exchange Commission (SEC).

The presiding judge, Olukayode Adeniyi, on Friday, while ruling on a no-case submission filed by Gwarzo, said the Independent Corrupt Practices and Other Related Offences Commission (1CPC) failed to prove its case against the accused.

Recalls that the ICPC had preferred a six-count charge against the former SEC DG in 2020 for allegedly awarding several contracts to Outbound Investment Limited, a private company where he allegedly doubled as a director even while he was DG of SEC.

However, Gwarzo filed a no-case submission after the prosecution closed its case.

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The former minister of finance, Kemi Adeosun, had suspended Gwarzo as the DG of SEC in November 2017 for allegedly approving N104 million for himself as severance package for being a former SEC commissioner.

In a petition , Gwarzo was also accused of awarding contracts to members of his family and friends, in violation of the rules guiding the commission — he denied the allegation.

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He was charged to court, but the allegations were struck out by Hussain Baba Yusuf, an FCT high court judge, on April 14, 2019.

In May 2019, the national industrial court ordered his reinstatement but the federal government did not obey the court order.

With this Gwarzo submitted his letter of resignation on January 9, 2020.