SEC Manager Testifies Against former Bosses over Payment of Car Grant

In the ongoing trial of suspended Director-General of the Securities and Exchange Commission (SEC), Dr. Mounir Haliru Gwarzo, a witness called by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr. Ajao AkintadeStephen, who is a senior manager in SEC, has admitted before the court that he facilitated the payment of N84,388, 886.12 to Dr. Gwarzo as monetized car grant.

The prosecution witness made this revelation before Hon. Justice Hassan Yusuf Baba of High Court 4, Maitama.

Mr. Ajao was led in evidence via examination-in-chief by ICPC counsel, Adeshina Raheem, and cross-examined by counsel to the 1st defendant, A. U. Mustapha, SAN and counsel to the 2nd defendant, C. I. Imukpoeruo.

The witness revealed that on 1st June, 2015 he had made computation for the car grant which the then Director-General was entitled to as it was a policy in SEC for DGs to have non-refundable monetized car grant for 4 cars which should be awarded based on the existing market value of the cars.

He went on to explain that his computation which came to N73, 405, 297.12 was sent back and he was made to come up with another amount of N84, 388, 886. 88.

Therefore, the difference in the first computation and the second computation was N10, 983, 589. 76 which was the amount the 2nd defendant, Zakawanu Garubaapproved for payment.

It should be recalled that Dr. Gwarzo is standing trial for allegedly misappropriating N115.8 million, while Mr. Zakawanu Garuba who is also standing trial with the former DG is accused of approving a N10.9 million car grant.

The matter has been adjourned to 20th and 21stSeptember, 2018 to enable ICPC present more witnesses.

Signed:

Mrs. Rasheedat A. Okoduwa, mni

ICPC Spokesperson