15th August, 2014
By Ayorinde Oluokun/Abuja
The Economic and Financial Crimes Commission, EFCC, said on Thursday that its has concluded arrangements to prosecute a stock broker for a N30 million scam.
In a statement by Wilson Uwajaren, its spokesperson, the anti graft agency said the broker, Bioye Eluwole, 54, allegedly sold 300,000 units of shares belonging to one of his clients without authorisation.
EFCC said the shares, spread over 16 different companies, were reportedly warehoused in the accused firm, Bytofel Trust and Securities Limited, but were confirmed sold by the Central Securities Clearing System, CSCS, when the client sought to confirm the status of his investments.
EFCC said its investigations showed that Eluwole indeed sold all the shares. It added that other investors who had their shares with the accused company and whose shares had also been sold without their knowledge also accused Eluwole of duping them of their investments.
The Commission said the suspect will soon be arraigned in court for stealing, fraudulent sale and conversion of shares.
In a related development, the Commission is poised to arraign two commercial motorcycle transport operators for offences bordering on currency counterfeiting.
The suspects according to EFCC – Oluwatosin Olanrewaju, 34, and Ojeniyi Oluwasegun, 34, were arrested by operatives of the Department of State Security, DSS, at Igboho in Orelope Local Government Area of Oyo State, with 49 pieces of suspected fake Nigerian currency notes (1000 Naira denomination) and one piece of 10,000 (ten-thousand) CFA note.
EFCC said they were nabbed while trying to exchange the fake currencies for genuine ones from unsuspected members of the public.