Abuja - The Economic and Financial Crimes Commission (EFCC) has arrested three suspected fraudsters involved in forgery, impersonation and fraudulent sale of shares worth more than N73, 7 million.
According to a statement by the Commission, Muhammed Rabiu Lawan, Raphael Olorunfemi Okomoda and Adebgesan Theophilius were arrested by operatives of the Commission following a report of fraudulent sale of shares of two deceased shareholders by the suspects.
The commission said the stocks originally belonged to Alhaji Shande Ako Dzungwe and Alhaji Isa Koto (both deceased) but the suspects fraudulently claimed, converted and sold them.
They said Lawan allegedly forged spurious identity cards, driver’s license, school certificates and international passports of both Dzungwe and Koto to perfect the scam.
According to investigations, Dzungwe died in1992 but before his death, he had shares in several blue chip companies including, Agip Nigeria Limited, Total Oil, Union Bank Nigeria Plc, Nestle Nigeria Plc, Mobil Oil Nigeria Plc, Unilever Nigeria Plc and Nigeria Brewery Plc.
The shares were on the record of First Registrars Limited and Union Registrar Limited. The value of his portfolio was N24 779 998, which Lawan fraudulently claimed after forging documents of the deceased investor.
EFCC added that before his death Koto had 166,625 units of Guinness Nigeria Plc shares valued at N44 092 048 in his portfolio.
According to the Commission, Lawan allegedly instructed Fidelity Securities Limited to sell and transfer the proceeds of the shares into his two Fidelity Bank accounts.
The total sum of shares converted and sold by Lawan was N73 764 428. Okomoda and Theophillus allegedly aided him.
The suspects will be arraigned in court at a date yet to be announced.
- CAJ News
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