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EFCC Arraigns Suspected Conman for N23m Scam

Source: thewillnigeria.com

Arrests Three Suspected Impostors For N73.8m Securities Scam

BEVERLY HILLS, CA, June 11, (THEWILL) - The Economic and Financial Crimes Commission, EFCC, has arraigned Adedokun Tajudeen Oladipupo before Justice S. S Ogunsanya of the Lagos High Court sitting in Ikeja on one count charge bordering on obtaining money by false pretences.

Oladipupo was alleged to have contacted a firm, J.P Solutions & Investment Limited, through his company, Del Waste Management Limited, with an offer to sell foreign exchange worth $150,000( One Hundred and Fifty Thousand United States Dollars) to it, for a naira equivalent of N23,550,000.00( Twenty-Three Million, Five Hundred and Fifty Thousand Naira only).

The firm reportedly gave him the money but Oladipupo neither provided the foreign exchange, nor return the naira equivalent collected from the firm.

The charge read: 'that you Adetokunbo Tajudeen Oladipupo on or about the 10th day of October, 2013, at Lagos, within the Ikeja Judicial Division of this honourable Court, with intent to defraud obtained the sum of N23,550,000.00 (Twenty Three Million And Five Hundred And Fifty Thousand Naira) only, from J.P Solutions and Investments Limited, being payment of the Naira equivalent of the sum of $150,000.00 (One Hundred and Fifty Thousand United States of America Dollars) you purposed to have secured for him'

When the charge was read to him, he pleaded not guilty.

Justice Ogunsanya fixed July 14 and 16, 2014 for hearing of bail application and ordered the accused person to be remanded in Kirikiri Maximum Prison, Lagos.

Meanwhile, the Commission has arrested three suspected fraudsters involved in forgery, impersonation 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 supects.

The stocks originally belonged 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 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(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.