Septuagenarian Arrested for N42m Stock Fraud

Septuagenarian Arrested for N42m Stock Fraud

Friday, November 14, 2014 8:24 pm

Oyewole Asiwaju

Oyewole Asiwaju

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 be working 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 had used in fraudulent shares sale include, Babajide Odunso and Chief Bolaji Carew. The suspect will be arraigned in court as soon as investigation was concluded.

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