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Court Clears Gwarzo, Former SEC Boss of Corruption Charges

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A Federal High Court sitting in Abuja has cleared Mounir Gwarzo, former director general of the Securities and Exchange Commission (SEC), of any corruption allegation as it upheld a no case submission filed by him.

Court Clears Gwarzo, Former SEC Boss of Corruption Charges

Mounir Gwarzo, former DG, SEC

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had arraigned Gwarzo who was suspended from office, and Jamila Muhammad, before Justice Olukayode Adeniyi on charges bordering on gratification and abuse of office.

However, in the ruling, Justice Olukayode discharged Gwarzo on all six counts charges filed against him, and Jamila Muhammad, second defendant.

Gwarzo who then was the head of SEC, was alleged to have held a private interest as a director and shareholder of Outbound Investment Limited, a company that got contract to supply air conditioners and refrigerators to SEC Lagos zonal office.

This is said to be against Section 12 of Corrupt Practices and Related Offences Act, 2000.

Gwarzo was also said to have used his position as SEC DG to gratify himself by allegedly awarding the contract to his firm, against Section 19 of the ICPC Act.

Muhammad on her part, was accused to have, while being a public officer used her position to gratify herself when Outlook Communications Limited, where she was a shareholder and director was awarded a contract by SEC, punishable under Section 19 of the ICPC Act.

Gwarzo had however in his extra-judicial statement had told investigators that he had resigned and relinquished his shares since 2012.

The court in the latest hearing noted that the prosecution did not investigate this and that the prosecution witnesses did not show how they got the Corporate Affairs Commission (CAC) documents tendered as they admitted that they did not have any physical interaction with the CAC.

They also did not tender the letter by which they applied for CTC of the documents, even though they said they applied to the CAC for the documents.

For counts two, four and six-allegation that the first defendant conferred unfair and corrupt advantage on himself, the court held that the prosecution witnesses admitted, during cross-examination, that neither the first defendant nor his relatives benefitted from the said contracts and awards.

The prosecution witnesses also admitted that they did not investigate the procedure for award of contracts in SEC.

On the whole, the court held that the prosecution had not made any case to warrant an invitation to the first defendant to enter his defence. Gwarzo was accordingly discharged on all six counts.

The court also toed the same line and discharged Muhammad on the remaining eight counts which referred solely to her.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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