EFCC Arraigns Three For N34m Shares Fraud
Investigation revealed that the defendants fraudulently carried out transaction on the shares of people who had died, and also cleared their dividend warrants.
The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, on Monday, February 4, 2019, arraigned Kasumu Ademola, Salau Mikailu and Ganiyu Isola before Justice C.J. Aneke of the Federal High Court sitting in Ikoyi, Lagos on an eight-count charge bordering on money laundering, conversion and retaining of proceeds to the tune of N34, 000, 000 (Thirty Four Million naira) only.
They were arraigned alongside a stock brokerage firm, CSL Stock Brokers, following a complaint received by the Commission from the Nigerian Stock Exchange, NSE.
Items found on the suspects at the point of arrest included dividend warrants and share certificates.
One of the counts reads: “That you, Kasumu Shakiru Ademola, Salau Omoniyi Mikailu, Ganiyu Oluyede Ishola and CSL Stock Brokers, on or about the 2nd day of June 2015 in Nigeria, within the jurisdiction of this honorable court, conspired amongst yourselves to commit an offence to wit conversion of 298,550 (Two Hundred and Ninety- Eight Thousand, Five Hundred and Fifty) units shares of Guinness Nigeria Plc, Nestle Food Plc, Julius Berger Plc, Unilever Nigeria Plc and Union Bank of Nigerian Plc belonging to the late Mr. Joseph Adeniji Adeyemi Joseph, which shares is valued at N34,000,000 (Thirty-four Million Naira) and thereby committed an offence contrary to Section 18 (a) of the Money Laundering ( Prohibition ) Act, 2011 as amended and punishable under section 15(3) of the same Act.”
Another count reads: “That you, Kasumu Shakiru Ademola, Salau Omoniyi Mikailu, Ganiyu Oluyede Idika and CSL Stock Brokers, between the 2nd day of March and 4th day of November, 2016 in Nigeria, within the jurisdiction of this honorable court, converted the aggregate sum of N28,365,133.72 (Twenty Eight Million, Three Hundred and Sixty- Five Thousand, One Hundred and Thirty Naira, Seventy Kobo), which sum you reasonably ought to have known was derived from fraud and thereby committed an offence contrary to Section 15(2)(b) of the Money Laundering ( Prohibition ) Act, 2011 as amended and punishable under Section 15(3) of the same Act.”
They pleaded “not guilty” to the charges.
In view of their pleas, the prosecuting counsel, Nnemeka Omewa, prayed the court for a trial date and also urged the court to remand the defendants in prison.
However, counsels to the defendants told the court about pending applications for bail on behalf of their clients and pleaded with the court to grant them bail in the most liberal terms.
Consequently, Justice Aneke adjourned the case to February 8, 2019 for hearing of the bail applications and commencement of trial.
Justice Aneke ordered that the defendants be remanded in prison pending the determination of their bail applications.