EFCC Arrests Three Over N73.8m Securities ScamCrime Watch, Latest News, News Thursday, June 12th, 2014
The Economic and Financial Crimes Commission (EFCC) has arrested three suspected fraudsters involved in forgery, impersonation and fraudulent sale of shares to the tune of N73,764,428( Seventy Three Million, Seven Hundred and Sixty Four Thousand, Four Hundred Twenty Eight Naira ).
The EFCC Spokesperson, Wilson Uwujaren made this known in press release made available to Newsmen on Thursday in Abuja.
According to the statement, Muhammed Rabiu Lawan (a.k.a Alhaji Shande Ako Dzungwe and Alhaji Isa Koto); Raphael Olorunfemi Okomoda, Adebgesan Theophilius and four others who are still at large, were arrested by operatives of the Commission following a report of fraudulent sale of shares of two deceased shareholders by the suspects.
The stocks originally belong to Alhaji Shande Ako Dzungwe and Alhaji Isa Koto (both deceased) but were fraudulently claimed, converted and sold by the three suspects.
Lawan allegedly forged spurious Identity Cards, Drivers License; School Certificates and International Passports of both Dzungwe and Koto, to perfect the scam.
EFCC investigations revealed that, Dzungwe died in 1992 but before his death, he had shares in several blue chip companies including, Agip Nigeria Limited, Total Oil, Union Bank Nigeria Plc, Nestle Nigeria Plc, Mobil Oil Nigeria Plc, Unilever Nigeria Plc and Nigeria Brewery Plc.
The shares were on the record of First Registrars Limited and Union Registrar Limited. The value of his portfolio was N24, 779,998(Twenty-Four Million, Seven Hundred and Seventy Nine Thousand, Nine Hundred and Ninety-Eight Naira). The entire sum was fraudulently claimed by Lawan, who forged documents of the deceased investor and took over his investments.
EFCC investigators in charge of the case discovered that, Koto before his death had 166,625 units of Guinness Nigeria Plc shares valued at N44, 092,048(Forty-Four Million, Ninety-Two Thousand, Forty-Eight Naira only) in his portfolio. Lawan allegedly instructed Fidelity Securities Limited to sell and transfer the proceeds of the shares into his two Fidelity Bank accounts.
The total sum of shares converted and sold by Lawan was N73, 764,428(Seventy Three Million, Seven Hundred and Sixty Four Thousand, Four Hundred Twenty Eight Naira only). He was allegedly aided and abetted by Raphael Olorunfemi Okomoda and Adegbesan Theophillus.
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