EFCC arrests man, 70, over N42m shares fraud

The Economic and Financial Crimes Commission (EFCC) on Friday arrested a 70-year-old man for allegedly attempting to fraudulently sell the shares of another man, valued at about N42 million.



Wilson Uwujaren, head, media and publicity, EFCC, in a press statement indentified the suspect as Adebola Oyewole Asiwaju, who attempted to sell the shares belonging to one Olalere Sunday Oladosu.

According to Uwujaren, to perfect the scam, the suspect forged documents and opened a bank account in a new generation bank, with the name of Olalere Sunday Oladosu.

Thereafter, he proceeded to instruct Marina Securities, a stock broking firm in Lagos, to dispose of 1.7million units of Zenith Bank shares valued at N42 million and remit the proceeds to the account he opened with the bank.

However, 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