The suspended Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, was on Tuesday arraigned by the Independent Corrupt Practices and other related offences Commission (ICPC) on a five-count charge for alleged fraud.
Gwarzo was arraigned alongside a commissioner at the commission, Zakawanu Garuba.
Both men were accused of abusing their offices and breaching public trust by diverting over N114 million while they served as officers of the commission in June, 2015.
They, however pleaded not guilty to the charge.
Following an application by Mr Gwarzo’s lawyer, Abdulhakeem Mustapha, the presiding judge, Hussein Baba-Yusuf granted the defendants a bond of N25 million each.
They are to produce two sureties in like sum; sureties must be civil servants, not below the rank of deputy directors and working under the employment of the Federal Civil Service.
The sureties must also have landed properties in Abuja.
The defendants were also asked to submit their international passports to the court registrar.
Hussein Baba-Yusuf then adjourned the matter till June 28, 2018.
DAILY POST reported that Gwarzo was earlier suspended from the commission in November, by the Finance Minister, Kemi Adeosun.
Gwarzo has since challenged his suspension in court, accusing Adeosun of punishing him for refusing to stop an ongoing probe of oil firm, Oando Plc.