The Securities and Exchange Commission (SEC), on Tuesday said it successfully smashed a capital market syndicate arraigned Oyekun Akinsemoyin before the Ikeja magistrate court 1 on charges of conspiracy, forgery, fraud and impersonation contrary to Sections 412, 380 and 368 of the Lagos state criminal code.
The accused was arrested by the commission’s police unit over his alleged involvement in fraudulent transfer and subsequent sale of 53, 592 units of Nigerian Breweries PLc belonging to Late Mr. Nwakama Chioma.
Akinsemoyin was said to have forged the International passport of the deceased, bearing his photograph, with which he approached Vision Trust Ltd, where processed, illegally transferred and sold the said shares. The passport was subsequently used to open a bank account at Diamond Bank where the illicit proceeds of the sales was deposited for his own use.
“The issue of identity theft in the capital market has until the arrest of Mr. Akinsemoyin remained serious problem to the Commission in the cause of caring out its market oversight on market abuse,” a statement by the SEC said.
The accused was however granted bail in the sum of N500,000 and a surety in the same sum, who must show evidence of tax payment and possession of stable job and whose office and residence address are to be verified by the registrar of the court. Meanwhile the accused is to be remanded in kirikiri prison, pending fulfillment of the bail conditions.