SAN FRANCISCO, November 14, (THEWILL) – A 70-year-old man, Adebola Oyewole Asiwaju, has been arrested by the Economic and Financial Crimes Commission, EFCC, for allegedly attempting to fraudulently sell the shares of one Olalere Sunday Oladosu.
To perfect the scam, the suspect allegedly forged documents and opened a bank account in a new generation bank, with the assumed name of “Olalere Sunday Oladosu”. Then, he proceeded to instruct Marina Securities, a brokerage, to dispose of 1.7million units of Zenith Bank shares valued at N42million and remit the proceeds to the account he opened with the new generation bank.
The lid on the scam was lifted when a routine check by staff of Marina Securities revealed some discrepancies in the documents presented by the suspect and the ones the genuine owner of the shares had filed with the defunct Intercontinental Securities Limited.
Consequently, the suspect was arrested by the Nigeria Police, and later handed over to the EFCC for further investigation and prosecution.
The suspect is alleged to be neck deep in stealing shares of unsuspecting investors and selling them for a commission. He is believed to work for a syndicate and receives 10 percent of the proceeds of any “business” that sails through. His accomplices are still at large. Other names that Asiwaju has used in fraudulent shares sale include, Babajide Odunso and Chief Bolaji Carew.
The suspect will be arraigned in court as soon as investigation in concluded.
Meanwhile, the EFCC Thursday arraigned the Director General of the Delta State Direct Labour Agency, DLA, Emmanuel Odafe Igbini before Justice U. Agomoh of the Federal High Court Port Harcourt, River State on a 3- count charge bordering on false declaration of assets.
Count one of the charge reads, “that you Emmanuel Odafe Igbini on or about 13th November, 2013 at the Economic and Financial Crimes Commission, South-South Zonal Office, No. 6A Olumeni Street, Old GRA, Off Forces Avenue, Port Harcourt within the jurisdiction of this honourable court knowingly failed to make full disclosure of your assets to wit: your Stanbic IBTC bank account number 0006379402 in the Assets Declaration Form you filled at the Economic and Financial Crimes Commission and thereby committed an offence contrary to section 27 (1) of the Economic and Financial Crimes Commission Establishment Act 2004 and punishable under section 27(3) of the same Act”.
Second count reads, “that you Emmanuel Odafe Igbini on or about 13th November, 2013 at the Economic and Financial Crimes Commission, South-South Zonal Office, No. 6A Olumeni Street, Old GRA, Off Forces Avenue, Port Harcourt within the jurisdiction of this honourable court knowingly failed to make full disclosure of your assets to wit: your Stanbic IBTC bank US Dollar account number 0006441862 in the Asset Declaration Form you filled at the Economic and Financial Commission and thereby committed an offence contrary to section 27 (1) of the Economic and Financial Crimes Commission Establishment Act 2004 and punishable under section 27(3) of the same Act.
He however pleaded not guilty to the charges. In view of his plea, the prosecuting counsel, O. Oyediran asked the court for a date for trial. The defence counsel, A.P Uwabuike, however, urged the court to grant the accused person bail pending the commencement of trial.
Justice Agomoh granted the accused person bail in the sum of one million naira with two sureties in like sum. One of the sureties must be a senior civil servant of level 10 and above. The sureties must own properties and reside within jurisdiction of court.
The case was adjourned to November 24, 25 and December1 and 2, 2014 for commencement of trial.
The accused is being investigated by the Commission in a case of abuse of office and money laundering.
