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Stock broker in court over theft of N21.2m shares

By Onozure Dania

Lagos—A 59-year-old stock broker, Kayode Awotile, who allegedly obtained N21.2 million worth of shares from a businessman under false pretences, was yesterday arraigned before an Igbosere Magistratess Court, in Lagos.

Awotile is facing a four-count charge of fraud, theft and issuance of dud cheque.

Stock Market

The prosecutor, Inspector Steven Molo, told the court that the defendant committed the alleged offences between October and November 2012, at Marina, Lagos.

He said Awotile obtained different types of shares which included Nigeria Breweries, Access Bank Plc, Icon Insurance Plc and Continental Re-Insurance Plc shares, from the complainant, Mr. Pascal Okezie, under guise of trading with them at the Nigeria Stock Exchange, NSE, market.

He said the defendant did not trade with the shares as promised but converted it to his own use.

The prosecutor said all the shares were valued at N21.2 million, property of Mr. Okezie.

Molo said the defendant issued three different cheques worth N5.5 million to the complainant to offset the said money, but the cheques were dishonoured on presentation due to insufficient funds in his account.

Molo said Awotile knew that the representation he made was false.

According to the prosecutor, the offences are punishable under Sections 287, 312 (3) and 411 of the Criminal Law of Lagos State 2015.

The defendant pleaded not guilty to the charge and the Magistrate, Mrs H. O. Omisore, granted him bail in the sum of N5 million with two sureties in like sum, and adjourned the case till September 10 for mention.


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