L
LequteMan
Guest
Tajudeen Folaji, the Managing Director of a stock brokerage firm in Nigeria, has been sentenced to seven years in prison.
Aside the seven years’ imprisonment, the court also made an order that the EFCC should trace Folaji’s property and cause same to be sold with the proceeds forfeited to Adesoye Holdings Limited.
His company, First Alstate Securities Limited, was also fined N20m by Justice Kudirat Jose of the Lagos State High Court in Ikeja.
Folaji was arraigned by the Economic and Financial Crimes Commission, following a petition from the Security and Exchange Commission in 2010, where it was alleged that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc.
“After a diligent investigation by the commission, it was discovered that the convict fraudulently sold 31,886,200 units of Adesoye Holdings Limited’s shares in IPWA Plc, worth millions of naira.” EFCC spokesman, Wilson Uwujaren said.
Aside the seven years’ imprisonment, the court also made an order that the EFCC should trace Folaji’s property and cause same to be sold with the proceeds forfeited to Adesoye Holdings Limited.
His company, First Alstate Securities Limited, was also fined N20m by Justice Kudirat Jose of the Lagos State High Court in Ikeja.
Folaji was arraigned by the Economic and Financial Crimes Commission, following a petition from the Security and Exchange Commission in 2010, where it was alleged that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc.
“After a diligent investigation by the commission, it was discovered that the convict fraudulently sold 31,886,200 units of Adesoye Holdings Limited’s shares in IPWA Plc, worth millions of naira.” EFCC spokesman, Wilson Uwujaren said.
