SEC Arraigns Man Over Capital Market Scam
BY CHINYERE OBIORA, LAGOS – The Securities and Exchange Commission (SEC)’s zero tolerance stance on market infractions and fraud got a huge boost on Tuesday when one Oyekun Akinsemoyin was arraigned before the Ikeja magistrate court 1 on charges of conspiracy, forgery, fraud and impersonation, contrary to sections 412, 380 and 368 of the Lagos state criminal code.
The arrest and prosecution of Mr. Akinsemoyin signals a major breakthrough as SEC moves to smash a racketing syndicate that operates within the nation’s capital market.
The suspect was arrested by the SEC police unit for his involvement in the fraudulent transfer and subsequent sales of 53,592 units of Nigerian Breweries Plc belonging to Late Mr. Mwakama Chioma.
Information available to Forefront indicated that Akinsemoyin allegedly forged the International passport of late Mwakama bearing his photograph, approached Vision Trust Ltd and processed the illegal transfer and sale of the said shares of late Mwakama.
Thereafter, he used the same passport to open a Diamond Bank account where the illicit proceeds of the sales was deposited for his personal use.
Regrettably, until the arrest of Akinsemoyin, the issue of identity theft in the capital market has remained serious challenge to SEC in the course of its market oversight to check abuses and corrupt practices.
The accused was however granted bail in the sum of N500,000 and a surety in the same sum. The surety is to show evidence of tax payment and a stable job with the office and residence addresses to be verified by the Court Registrar.
Meanwhile, the accused is to be remanded in Kirikiri prison, Lagos pending fulfilment of the bail conditions.
Only last month, a company was arraigned at the Chief Magistrate Court, Zone 6, Abuja on charges of criminal conspiracy, breach of trust and cheating contrary to Sections 96, 312, 322 and 323 of the Penal Code Law, Chapter 89.
Deputy Managing Director of the Company, Chibundu Edozie, was docked along with three other accused persons, alleged to have conspired among themselves with some other staff of BGL to commit the offences against the investing public.
These include Mahmoud Usman, Ann Awase Orsule, Sylvanus C. Ghasarah, Eno Efanga, UN Staff Thrift Credit Cooperative Society of Anambra State, Abuja office and Adejoke Atte among others who filed complaints against them before the Securities and Exchange Commission.
Managing Director of the Company, Mr. Albert Okumagba was not in court and also had no representation. However, Edozie was granted bail in the sum of N1million with one surety in the like sum who should not be less than a Level 12 officer and resident in Abuja.
Presiding Magistrate, Chief Magistrate Chinyere Elewe Nwecheonwu after the arraignment, adjourned the hearing to November 6, 2017.
The SEC will continue to regulate and develop the Nigerian Capital Market to be responsive to the socio-economic aspiration of the nation as well as ensuring fraud-free market.
