N115m fraud case: Court acquits, discharges suspended SEC DG, Gwarzo

Andrew Orolua, Abuja

The suspended Director-General of the Securities and Exchange Commission (SEC), Dr. Mounir Gwarzo, who is standing trial on a five-count charge before the Federal Capital Territory (FCT) High Court for alleged N115 million fraud has been set free.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had charged Gwarzo alongside an Executive Commissioner in the Commission, Zakawanu Garuba, for allegedly misappropriating to the sum of N115 million and conferment of corrupt advantage on a public officer which they have denied.

Justice Baba-Yusuf in his ruling on the no-case- submission made by the two defendants held that the prosecution did not make any prima facie case against the two defendants.

He said the prosecution failed to establish the essential ingredients of the elements of the offence the defendants are accused of.

“Accordingly, the defendants are discharged of the allegations against them,” he ruled.

The defendants, on February 7, through their counsel, Abdulhakeem Mustapha (SAN), and Robert Emupkoeruo, informed the court of their intention to file no-case submission.

The defendants took the position after the prosecuting counsel, Mr. Adesina Raheem, closed his case with the testimonies of five prosecution witnesses.

Gwarzo’s counsel, Mustapha, SAN, on March 18 urged the court to hold that the prosecution has not been able to adduce any credible evidence to make the defendant enter any defence.

Particularly, the suspended D-G was accused of receiving the sum of N104, 851,154.94 as severance benefits when he had yet to retire, resign or disengage from the service of SEC.

Part of the charge added that he conferred a corrupt advantage upon himself when he received the sum of N10, 983,488.88 in excess of car grant payable to him.

While on his part Garuba was accused by ICPC of allegedly conniving with Gwarzo to commit the fraud.

His lawyer said that the no-case submission the defendants filed was brought pursuant to Sections 302 and 303 of the Administration of Criminal Justice Act (ACJA), 2015.

According to him, the prosecution had failed to make out any the prima facie case against Gwarzo, adding that the evidence adduced was all contradictory.

He submitted that the prosecution in its written address on the submission relied on the law on certain political office holders and admitted that SEC was not mentioned in the said law.

Specifically, he urged the court to uphold the no-case submission by the first defendant as well as discharge and acquit him of the charge against him.

Counsel to Garuba, Mr. Robert Emukpoeruo, also made similarly the argument that the prosecution had failed from the evidence adduced to make any prima facie case against the second defendant.

He said the evidence adduced by the prosecution during hearing has not established any ingredients of the offence said to have been committed by Garuba.

He, then, urged the court not only to uphold the no-case submission but also discharge and acquit the second defendant.