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Court acquits ex-SEC boss, Munir Gwarzo, says ICPC failed to prove case against him



Court acquits ex-SEC boss, Munir Gwarzo, says ICPC failed to prove case against him

On Friday, an FCT High Court in Maitama chaired by Olukayode Adeniyi acquitted and acquitted Mounir Gwarzo, former chief executive of the Securities and Exchange Commission, SEC.

Ruling on a dismissal request filed by Mr. Gwarzo, the judge said the Independent Commission on Corrupt Practices and Other Related Offenses, ICPC, had failed to prove its charge against him.

The ICPC had brought six counts against Mr Gwarzo in 2020 for allegedly awarding several contracts to Outbound Investment Limited, a private company where he allegedly doubled as a director even though he was CEO of the SEC.

But Mr. Gwarzo filed a request for dismissal after the prosecution closed its case.

Recall that then Finance Minister Kemi Adeosun suspended Mr. Gwarzo as SEC CEO in November 2017 for allegedly approving N104 million for himself as severance pay for being a former commissioner of the SEC.

He was also accused of awarding contracts to family members and friends, in violation of the rules governing the commission.

In May 2019, Mr. Gwarzo won his case before the National Labor Court, which ordered his reinstatement as SEC DG.

In his ruling, Judge Sanusi Kado ruled that the Minister of Finance, who is the second accused in the lawsuit, did not have the power to suspend Mr. Gwarzo, even though he dismissed three issues raised by the lawyer. defense as part of their preliminary objection.

But despite the court order, the federal government refused to reinstate him.

He voluntarily resigned on January 9, 2020.

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