The Economic and Financial Crimes Commission, EFCC, has
arrested three suspected fraudsters involved in forgery, personation and
fraudulent sale of shares to the tune of N73,764,428( Seventy Three Million,
Seven Hundred and Sixty Four Thousand, Four Hundred Twenty Eight Naira ).
Muhammed Rabiu Lawan (a.k.a Alhaji Shande Ako Dzungwe and
Alhaji Isa Koto); Raphael Olorunfemi Okomoda, Adebgesan Theophilius and four
others who are still at large, were arrested by operatives of the Commission
following a report of fraudulent sale of shares of two deceased shareholders by
the suspects. The stocks originally
belong to Alhaji Shande Ako Dzungwe and
Alhaji Isa Koto (both deceased) but were fraudulently claimed, converted
and sold by the three suspects.
Lawan allegedly forged spurious Identity Cards, Drivers
License; School Certificates and International Passports of both Dzungwe and
Koto, to perfect the scam.
Investigations showed that,
Dzungwe died in 1992 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(Twenty-Four Million, Seven Hundred and
Seventy Nine Thousand, Nine Hundred and Ninety-Eight Naira). The entire sum was
fraudulently claimed by Lawan, who forged documents of the deceased investor
and took over his investments.
Before his demise,
Koto had 166,625 units of Guinness Nigeria Plc shares valued at N44,
092,048(Forty-Four Million, Ninety-Two Thousand, Forty-Eight Naira only) in his
portfolio. 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(Seventy Three Million, Seven Hundred and Sixty Four Thousand, Four
Hundred Twenty Eight Naira only). He was allegedly aided and abetted by Raphael
Olorunfemi Okomoda and Adegbesan Theophillus.
The suspects will soon be arraigned in court.
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