Connect with us
Stanbic IBTC
Polaris bank
Fidelity ads

Business News

Gwarzogate is not over yet

@icpc_pe has indicated its intentions to appeal a judgment exonerating suspended SEC DG Mounir Gwarzo.



Suspended Director General of the Securities and Exchange Commission Mounir Gwarzo’s battle to regain his position has some way to go.

The Independent Corrupt Practices Commission (ICPC) has indicated its intentions to appeal a judgment j which cleared Gwarzo and Zakawanu Garba of all charges.

The commission disclosed this in a statement posted on its website.  


ICPC is dissatisfied with the judgment on the grounds that the Board resolution the trial judge relied on did not decide severance benefit but retirement and resignation benefit. The Notice of Appeal will be filed very soon.

The judgment   

The court in a judgment granted this week upheld the No Case Submission of the defendants on the grounds that the prosecution had failed to prove the elements of the offence in that the Board of SEC was the highest authority in SEC and had by resolution approved the severance benefit and the car grant. 

Furthermore, the duo were discharged and acquited of all charges.

How it all began  

Mounir Gwarzo was suspended by Kemi Adeosun in November 2017 for alleged financial impropriety. 

The allegations 

Gwarzo is accused of collecting a severance package of a N104 million, despite advice from SEC’s legal department not to do so, since he was still in the employ of the commission. Prior to his appointment as Director-General of the commission in 2015, Gwarzo was an Executive Director.

The acting head of the legal department had objected to the offer since severance packages were meant for officials who have disengaged from an organization.

The Director-General was also accused of awarding contracts to companies controlled by wife and brother.

What happened next? 

An Administrative Panel of Inquiry set up to look into the allegations leveled against the suspended Director-General revealed financial misappropriation and abuse of office. 

Gwarzo, however, claimed he was suspended and being witch-hunted for refusing to halt the forensic audit conducted into the affairs of Oando Plc. 

Kemi Adeosun insisted that Gwarzo’s suspension was a result of allegations of his misconduct, and was in order to protect the sanctity of the capital market. 

bitcoin train



Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]



  1. Mike

    April 18, 2019 at 12:54 pm

    Both Kemi and Gwarzo are right. If Gwarzo had agreed and stopped the forensic audit into the affairs of Oando Plc, Kemi would have overlooked his financial recklessness. Scratch my back and I scratch your back theory/ those who leave in glass house don’t throw stones!

  2. Humphrey Onaburekhan

    May 20, 2019 at 2:24 pm

    Did Gwarzo actually collected severance while still in the employment of SEC? If so, he better face the consequences of his action.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Nairametrics | Company Earnings