EFCC arraigns man for N37m share scam

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A 60-year-old man, Vincent Odionu has been arraigned before Justice M.A. Onyetenu of the Federal High Court, Abakaliki, Ebonyi State, by the Economic and Financial Crimes Commission, EFCC, on a 2-count charge that borders on stealing, forgery and impersonation.

The accused person who is an agent to a brokerage firm, Lion Stockbrokers Limited, allegedly conspired with others to sell the shares of Onwubu Gibson Anake ( deceased) in several blue chip companies ( RT Briscoe, CFAO, Cement Company of Northern Nigeria, First Bank, Oando, Nigerian Breweries, etc, valued at over N37 million without authorisation.

Odionu was alleged to have sometime in March 2008 in Abakaliki, Ebony State, obtained the sum of N1.26 million by means of fraudulent encashment of GTBank Cheque belonging to Onwubu Gibson Anake issued by lion Stockbrokers Limited.

He was said to have falsely represented himself at Fidelity Bank as Onwubu Gibson Anake, the pretence he knew to be false and thereby committed an offence contrary to section 1 (1)(a) of the Advance Fee Fraud and other Fraud Related Of fences Act, 2006 and punishable under section 1 (3) of the same Act”.

The accused pleaded not guilty to the charge and the matter was adjourned to October 22, 2014 for consideration of bail application.

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