A 59-year-old stockbroker, Kayode Awotile, who allegedly obtained N21.2 million worth of shares from a businessman under false pretences, was yesterday arraigned before an Igbosere Magistrates’ Court, in Lagos. Awotile is facing a four-count charge of fraud, theft, and issuance of dud cheque.

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 the 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 dishonored on presentation due to insufficient funds in his account.  Read more<<<<<

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