The Independent Corrupt Practices Commission (ICPC) has arraigned suspended Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo on allegations of financial misappropriation.
Gwarzo and Zakawanu Garba, a commissioner in the SEC, were arraigned on five-count charges of abuse of office and dishonest misappropriation of funds before an FCT High Court.
The two officials were alleged to have between May and June, 2015 used their positions to confer corrupt advantages by approving and paying severance benefits of N104.8 million and N10.9m in excess of car grant payable while still in service.
The ICPC said the offences contravene Section 19 of the Corrupt Practices and other Offences Act, 2000.
Gwarzo and Garba pleaded not guilty to the charges, which prompted the ICPC counsel, Henry Emore to request for a date to open the trial.
But defence counsel, Abdulhakeem Mustapha (SAN) and A.A. Malik requested the court to grant their clients bail on liberal terms.
Ruling on the bail application, Justice Hussein Baba-Yusuf ordered the defendants to produce the sum of N25m each as bail bonds and one surety each in like sum.
The judge ordered that the sureties must be civil servants not below the rank of deputy director, who must own landed property in the FCT. He said the sureties must show evidence of the ownership to the court.
The court further directed the defendants to deposit their international passports with the court registrar, adding that it would be released for travel upon application by their counsel and approved by the court.
The case has been adjourned to June 28 and 29 for hearing.