Justice
Kudirat Jose of the Lagos State High Court, Ikeja on Monday, January 4,
2016 convicted and sentenced one Tajudeen Folaji to seven years
imprisonment. The convict was found guilty on one count charge of
unauthorized 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.
While
Folaji is to spend the next seven years in prison, his company, First
Alstate Securities Limited, where he was the managing director was
fined N20 million by Justice Jose.
Folaji was
arraigned by the Economic and Financial Crimes Commission, EFCC, sequel
to 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.
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 properties 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 o
r 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 (Thirty One Million, Eight Hundred and Eighty Six
Thousand, Two Hundred) units of IPWA PLC shares with a cumulative value
of N331,297,618.00 (Three Hundred and Thirty One Million, Two Hundred
and Ninety Seven Thousand, Six Hundred and Eighteen Naira) property of
Adesoye Holdings Limited”.
Wilson Uwujaren
Head, Media & Publicity
4th January, 2016
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