Author Topic: COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM  (Read 3512 times)

Offline Prince

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COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM
« on: May 06, 2010, 02:02:08 PM »
Court remands stockbroker in prison over N139m share scam
From Our reporter
Thursday, May 06, 2010

Justice Shuaibu Mohammed of the Federal High Court sitting in Kaduna has ordered that the Chief Executive of Credence Investment Ltd, Mr. Oladele Shittu, who is being prosecuted by the Economic and Financial Crimes Commission, EFCC, over a N139 million fraud be sent back to the Kaduna Prison, pending the determination of two motions he filed before the court.

Shittu was first arraigned by the EFCC on Tuesday, March 23, 2010, on a 136-count charge of fraud. His arrest followed series of petitions from his supposed clients who turned out to be victims who he allegedly lured into investing their money in stocks between 2006 and 2007.

The 136-count charge detailed how Oladele collected various sums of money, totaling about N139, 626,170. 20, (One hundred and thirty nine million, six hundred and twenty six thousand, one hundred and seventy naira and twenty kobo) from over 130 victims within the jurisdiction of the court with the intent to defraud and obtain under the pretence that he was investing in the stock market.
At the resumed hearing on Tuesday, May 4, Shittu had, through his counsel, Dapo Laoke, brought two motions; a notice on preliminary objection, challenging the jurisdiction of the court to hear the matter as well as an application for bail.

But EFCC counsel, Sa?ad Hanafi Sa?ad, observed that the prosecution had not been served the two applications, a development which Laoke denied, insisting that he filed and served prosecution through the court on March 30th.

The court?s registrar later explained the mix-up, saying that the filing might not have been done appropriately. While over-ruling the hearing of the application for bail, pending the adoption and determination of the preliminary objection brought by the defence counsel, Justice Shuaibu ordered that prosecution be served immediately and appropriately.

He, therefore, ordered the accused to be remanded in prison custody until the next adjourned date of July 12, 2010. Among Oladele?s victims are Brigadier General Adamu Bura Maraw and Col. G.S Udoenang who lost N1,113,000.00 (one million, one hundred and thirteen thousand naira only) and N1,000,000.00 ( One million naira only) respectively.

Count one of the charge against Oladele reads: ?That you Shittu Oladele being the director of Credence Investments Limited some-time between 2006 and 2007 within the jurisdiction of this honourable court with intent to defraud, obtained the sum of N 46,016,526.60 (Forty six million, sixteen thousand, five hundred and twenty six naira, sixty kobo) from one Musa Yakubu and others under the false pretence that you were into stock market business and was going to buy shares for them from the stock market which you did not and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.?

Count two reads: ?That you Shittu Oladele being the director of Credence Investments Limited sometime between 2006 and 2007 within the jurisdiction of this honorable court with intent to defraud, obtained the sum of N 148, 964.00(one hundred and forty eight thousand, nine hundred and sixty four naira) from one Musa Yakubu under the false pretence that you were into stock market business and was going to buy shares for him from the stock market which you did not and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee Fraud and other related offences Act 2006 and punishable under Section 1(3) of the same Act.?

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COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM
« on: May 06, 2010, 02:02:08 PM »

Offline Prince

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Re: COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM
« Reply #1 on: May 06, 2010, 02:02:37 PM »
I wonder how many people suffer from this scam.

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Re: COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM
« Reply #1 on: May 06, 2010, 02:02:37 PM »

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Offline auxmatthew

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Re: COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM
« Reply #2 on: June 21, 2010, 10:03:11 AM »
that is good for him.  he should stay in prison for as long as God knows when

Offline swiftecurrency

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Re: COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM
« Reply #3 on: March 29, 2011, 02:45:53 PM »
Many so called money managers are still receiving their rewards in the prison after what happened to the world stock market during 2008-2010. 
Its not only a Nigerian thing guys.
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Re: COURT REMANDS STOCKBROKER IN PRISON OVER N139M SHARE SCAM
« Reply #3 on: March 29, 2011, 02:45:53 PM »


 

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