70-yr-old man accused of N42m shares scam

70-yr-old man accused of N42m shares scam

TheEconomic and Financial Crimes Commission, EFCC, is currently interrogating a 70-year-old man, Adebola Asiwaju, who is allegedly a member of a notorious fraud syndicate, that specializes in fraudulently selling of unsuspecting investors’ shares.
The suspect, who was arrested by police and handed over to EFCC, met his waterloo when he allegedly attempted to fraudulently sell the shares of one Olalere Sunday Oladosu.
Spokesman of EFCC, Wilson Uwujaren, said in a statement that the suspect allegedly forged documents and opened a bank account in a new generation bank, with the assumed name of “Olalere Sunday Oladosu.”
“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,” the EFCC scribe added.
According to Uwujaren, the suspect proceeded to instruct Marina Securities, a brokerage firm, to dispose of 1.7 million units of the said shares valued at N42 million and remit the proceeds to the account he opened with the new generation bank.
The EFCC further disclosed that the scam was exposed when routine checks 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.Uwujaren explained that the suspect was neck deep in stealing shares of unsuspecting investors and selling them.