The Independent Corrupt Practices and other related Offences Commission (ICPC) has arraigned the suspended Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, before a Federal Capital Territory High Court sitting in Maitama.
He has been arraigned on charges bordering on criminal breach of trust and aiding diversion of funds.
The anti-graft commission also preferred charges against the SEC Executive Commissioner, Corporate Services, Zakwanu Garuba, for allegedly conniving with Gwarzo to commit the fraud.
Gwarzo and his co-defendant, Zakawani Garba on Tuesday pleaded not guilty when the charges were read to them before the trial judge, Justice Baba-Yusuf.
According to the charge, Gwarzo is facing trial for allegedly fraudulently enriching himself with N104.9 million which was paid to him as severance allowance while he was still in active service at the commission.
He is also accused of enriching himself with N10 million paid in excess of his official car allowances.
Garuba was accused of abusing his office by allowing the payments to Gwarzo.
The two defendants are being charged to court by the ICPC on behalf of the Federal Government.
Gwarzo’s Counsel, Abdulhakeem Mustapha, on Tuesday made application for bail. He asked the court to grant his client bail on the same terms and conditions which ICPC had done prior to the arraignment.
ICPC’s lawyer, Henry Emore in agreement said the offence for which the defendants are standing trial are bailable.
The defendants were eventually granted bail to the sum of N25 million each and one surety who must be a deputy director in the Federal Civil Service and own a landed property in Abuja.
They are were also directed to deposit their travel documents to the court registrar as part of their bail conditions.
The court adjourned the case for further hearing till June 29.
Gwarzo was suspended as SEC Boss in November 2017, by the Finance Minister, Kemi Adeosun.
On Monday, June 4, he challenged his suspension in court.
In a suit filed at the National Industrial Court Gwarzo is contending that the Minister of Finance has no power to suspend him as SEC DG and that it is only the President of the Federal Republic of Nigeria that can suspend him with the approval of the Senate.