Car grant received by suspended SEC DG was approved by board, court told
A staff of the Securities and Exchange Commission (SEC) has told an FCT High Court in Maitama that the car grant received by the suspended DG of the commission, Mounir Gwarzo was in compliance with SEC’s board resolution. Gwarzo was arraigned alongside the Executive Commissioner, Corporate Services in the Commission, Zakwanu Garuba before Justice Hussein […]
A staff of the Securities and Exchange Commission (SEC) has told an FCT High Court in Maitama that the car grant received by the suspended DG of the commission, Mounir Gwarzo was in compliance with SEC’s board resolution.
Gwarzo was arraigned alongside the Executive Commissioner, Corporate Services in the Commission, Zakwanu Garuba before Justice Hussein Baba-Yusuf by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), for allegedly paying himself severance benefits of N104.8m and N10.4m in excess of car grant while still in service.
At the resumed hearing yesterday, the staff, Ajao Akintade while testifying as a prosecution witness, stated that the monetized car grant collected by Gwarzo was in compliance with the resolution of the SEC Board.
He said the monetized grant, according to the resolution was based on the current market value of new vehicle, adding that the grant was given every three years and it was non-refundable.
While being led in evidence by the prosecution counsel, Adesina Rahem, the witness informed that Gwarzo collected a car grant of N49,425,700 as an executive commissioner in SEC, while he was paid the grant of N84.388million as DG.
However, under cross-examination by Gwarzo’s counsel, Abdulhakeem Mustapha (SAN), the witness confirmed that as an executive Commissioner which Gwarzo was before his appointment as DG, he was entitled to the items listed for the office by the board resolution.
The witness said no executive commissioner had been denied benefitting from the monetized vehicle policy since it was introduced, while DGs had also benefitted from the policy.
The trial judge, Justice Baba-Yusuf upon discharging the witness, adjourned the case, at the instance of the prosecution to September 20-21 for continuation of hearing.