Stockbroker jailed 77years for N62m fraud

The Economic and Financial Crimes Commission, EFCC has secured the conviction and sentencing of Abioye Eluwole, managing director of Bytofel Trust and Securities Limited to 77 years in prison for a N62 million fraud.

Eluwole, who was arrested in December 2018 for stealing various units of shares of different companies belonging to Okeke Donatus Ojumba, including those of the victim’s children, was arraigned before Justice Mojisola Dada of the Special Offences Court, sitting at the Lagos State High Court, Ikeja.

A statement by Wilson Uwujaren, Head, Media & Publicity of the commission noted that along with his company, the convict was charged with 30 counts bordering on stealing, contrary to Sections 390(8)(b) of the Criminal Code, Cap C17, Vol. 2 Laws of Lagos State, 2003 and Section 285(9)(b) of the Criminal Laws of Lagos State, 2011.

Read also: Stockbroker jailed 7yrs for shares fraud

He pleaded “not guilty” prompting a full blown trial.

In the course of the trial, the prosecution presented five witnesses and tendered several documentary evidence. The defence called two witnesses.

Delivering judgment on January 22, 2021, Justice Dada consolidated the counts to 11, and ruled that the prosecution proved the charges against Eluwole beyond reasonable doubt, and so found him guilty of the 11 counts.

Justice Dada, thereafter, sentenced him to seven years imprisonment on all the 11 counts, to run concurrently from the date of his arrest. The Court also ordered restitution in favour of the victim to the tune N62million.

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