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EFCC DOCKS 3 OVER N405M SHARES SCAM

By NBF News

The Economic and Financial Crimes Commission (EFCC), has filed a 22-count charge against Mr. Adeniyi Elumaro and Mrs. Rakiya Mamman and their Abuja-based Integrated Capital Services Limited (ICSL) for defrauding customers of N405 million.

The suspects, who were arraigned before a vacation judge, Justice Olukayode Adeniyi of the FCT High Court, Abuja, pleaded not guilty to the charges.

After taking their plea, counsel to the accused persons, F.N. Esangeo and S. I. Ugbe applied for their bail, a move the prosecution counsel, Steve Odiase opposed.

Odiase said the offences for which the accused were arraigned carry jail terms ranging from seven to 20 years and in view of the gravity of the offences and punishments, the accused are likely to jump bail if released on bail.

The judge in his ruling upheld the argument of the defence counsel and granted the two bail in the sum of N50 million each and one surety who must have a landed property within Abuja Municipal Area Council.

The accused persons are, however, to be remanded in prison custody pending their fulfillment of the bail conditions.

Elumaro and Mamman were alleged to have hoodwinked their victims to invest huge sums of money in major companies like MTN, Starcomms, Equatorial Trust Bank, Access Bank and City Link between January 2006 and December 2008 under false pretences. As at the time of their arrest, no fewer than 16 prominent Nigerians had lost over N405 million to their phoney scheme.

Some of their victims include some principal officers of the House of Representatives, ministers and business executives.

According to the charge sheet, the offences allegedly committed by the accused contravene Section 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.

One of the charges reads: 'That you Adeniyi Elumaro 'M'' being the managing  Director of Integrated Capital Services Limited, Rakiya Mamman, 'F' being the Executive Director of Integrated Capital Services Limited and Integrated Capital Services Limited on or about January 2006 to December 2008 in Abuja in the Abuja Judicial Division of the High Court of the Federal Capital Territory did with intent to defraud obtained the sum of N161, 000, 000 (One hundred and sixty one million naira only) from one Hon. Usman Bayero Nafada by falsely representing to him that the said money was meant for the purpose of investing same into stocks and private placement such as ETB, Access Bank, MTN, Starcomms and City Link shares which you knew is false 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.'

The case would, however, be returned to the Chief Judge of the FCT High Court to be re-assigned to another judge who will communicate the next adjourned date to all counsel for continuation