Chika Casmir Mbonu

By Akin Kuponiyi

A federal high court sitting in Lagos south west Nigeria will begin hearing from 27 April   the fraud charge prescribed by the EFCC against  two stockbroking companies,  FITTCO Securities Limited and KSBC Advisory Partners Limited and three of their Directors.

The directors are Francis Olusegun Alabi, Ibrahim Ahmed Rufai and Chika Casmir Mbonu.

They were alleged to have swindled their clients to the tune of N122,443,407.48.

When the matter was mentioned in court last week, one of the accused persons Ibrahim Ahmed Rufai was absent.

The Prosecutor Mr Moshood Adeyemi told the court that the accused was being detained by the Economic and Financial Crimes Commission.

The presiding judge,  Ibrahim Buba adjourned the case till 27 April,2016 when the accused will be in court for arraignment.

In a sixteen count criminal charge filed before the court by state counsel from the Attorney General’s Office,  Moshood Adeyemi, it was alleged that the two companies FITTCO Securities Limited,KSBC Advisory Partners Limited,three of their Directors,  all of Investment House Annex 21/25 Broad street  conspired together to defraud  their clients the sum of N122,443,407.48

The offences alleged to have been committed by the accused companies and their Directors Francis Olusegun Alabi, ibrahimAhmed Rufai and Chika Mbonu Casmir were  contrary to and punishable under section 516,383(2) of the criminal Code Act the law of Federation 2004.

*The author, Akin Kuponiyi can be reached   at: [email protected]