A Lagos State High Court sitting in Ikeja on Monday sentenced a stockbroker, Tajudeen Folaji, to seven years imprisonment after it found him guilty on one-count charge of unauthorised sale of shares and stealing contrary to Section 390(8) (b)of the Criminal Code Law, Cap C17, Vol. 2 Laws of Laws of Lagos State 2003.
Folaji(pictured) was arraigned by the Economic and Financial Crimes Commission (EFCC), following a petition from the Security and Exchange Commission (SEC) in 2010, where it was alleged that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc .
Handing down the judgment was Justice Kudirat Jose. The court also fined Folaji’s company, First Alstate Securities Limited that was charged with managing the investment for the client N20m.
According to the Head, Media and Publicity of EFCC, Wilson Uwujaren, after diligent investigation by the commission, it was discovered that the convict fraudulently sold 31,886,200 units of Adesoye Holdings Limited shares in IPWA Plc worth millions of naira.
Aside the seven years imprisonment, the court also made an order that the EFCC should trace the property of Folaji and cause same to be sold with the proceeds forfeited to Adesoye Holdings Limited.
The charge reads: “Tajudeen Folaji and First Alstate Securities Limited on or about the 3rd April, 2008 at Lagos within the Ikeja Judicial Division of this Honourable Court with intent to defraud, fraudulently converted 31,886,200 units of IPWA PLC shares with a cumulative value of N331,297,618 property of Adesoye Holdings Limited.”
