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.
Wilson Uwujaren
Head, Media & Publicity
14th November, 2014
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