Alleged N74m asset theft: EFCC files charge against suspects


The Economic and Financial Crimes Commission (EFCC) has instituted a criminal charge against three men before Justice Lateef Lawal-Akapo of an Ikeja High court over alleged asset theft to the tune of over N74million belonging to two dead men, Shande Ako Dzungwe and Alhaji Isa Koto.

The suspects, Mohammed Rabiu Lawan, (alias Shande Dzungwe Ako) Raphael Olorunfemi Okomoda, Adegbesan Theophilus alongside others still at large were alleged to have fraudulently posed as the late Shande Ako Dzunke and Alhaji Isa Koto and obtained over N74million from their separate share investments with various companies.

According to the charge before the court, the anti-graft agency alleged that the late Shande Ako Dzungwe died in 1992, while Isa Koto died in 1970 but that the defendants presented themselves as the late men and gave instruction to various companies to release the monetary value of their shares to them.

Specifically, the anti-graft agency in the charge insisted that on May 16, 2013 the suspect fraudulently obtained about N22 million from the shares investment of the late Shande Dzungwe with Royal Crest Limited through Fidelity Bank Plc.

The EFCC further alleged that the suspects opened an account with the name of the deceased in Fidelity Bank Plc and instructed the investment companies to pay the monetary value of the share to the account. The charge also accused the defendants of fraudulently instructing the Nigerian Stock Exchange Brokers Limited to sell 8,332 units of Mobil Oil Plc shares at N981,921 belonging to the deceased and to transfer the proceed to the said account.

The EFCC also accused the trio of converting the
dividend warranty of the deceased with Union Bank Plc, Nestle Food Plc, Mobil Plc, NCR Plc and Unilever Plc and used the proceed to buy the 5,000 units of Nigerian Breweries shares, 46,000 units of First Bank Plc shares and 50,000 units of GTB shares.

The proceeds of the shares according to the EFCC was later deposited into the bank account opened on behalf of the deceased by the defendants. The anti-graft agency equally alleged that the suspects
later instructed Fidelity Bank Plc to transfer the fund into another account in the bank through which they eventually withdrew the money.

According to the EFCC,
the defendants between March 13 and May 16, 2013, with the intention to defraud, posed as Alhaji Isa Koto and fraudulently instructed Fidelity Securities Limited to sell 116,625 units of Guinness Plc shares valued at N44million and transfer the proceeds into the Fidelity Bank Account.

The offence according to the anti-graft agency offends Sections 8(a) and 1 (3) of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006 and Sections 285, 378 of the Criminal Laws No.11 Vol. 44 of Lagos State, 2011.

The matter has been adjourned till 7 July for arraignment.