A middle-aged man, Mr Oyekun Akinsemoyin, has been remanded in Kirikiri Prison following his arraignment before the Ikeja Magistrate Court 1 on charges bordering on shares fraud and impersonation.
Akinsemoyin was charged with conspiracy, forgery, fraud and impersonation contrary to sections 412, 380 and 368 of the Lagos State Criminal Code.
The arrest and prosecution of Mr. Akinsemoyin is a major breakthrough into smashing a ring of identity theft syndicate in the capital market.
Akinsemoyin was arrested by the police unit of the Securities and Exchange Commission (SEC) for his involvement in the fraudulent transfer and subsequent sales of 53, 592 units of Nigerian Breweries Plc belonging to Late Mr. Mwakama Chioma.
Akinsemoyin allegedly forged the International passport of late Mwakama bearing his photograph, approached Vision Trust Ltd and processed the illegal transfer and sale of the said shares of late Mwakama.
The accused was alleged to have subsequently used the same passport to open a bank account at Diamond Bank where the illicit proceeds of the sales was deposited for his own use.
The issue of identity theft in the capital market had until the arrest of Akinsemoyin remained a serious problem to the Commission in the cause of carrying out its market oversight on market abuse.
The accused was granted bail in the sum of N500,000 and a surety in the same sum. The surety was required to show evidence of tax payment and stable job while the office and residence address of the surety must be verified by the registrar of the court.
Meanwhile the accused was remanded in kirikiri Prison pending fulfillment of the bail conditions.
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