Stock broker defrauds investor of N21m worth of shares

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

Kayode will be facing a four-count charge of fraud, theft and issuance of dud cheque.

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

Molo said Awotile collected different types of shares which include Nigeria Breweries, Access Bank plc, Icon Insurance plc and Continental Insurance plc shares, from Mr Pascal Okezie, the complainant.

Okezie was in the market of trading with them at the Nigerian Stock Exchange, NSE, market.

Kayode allegedly did not trade with the shares as promised but instead turned them to his own. Okezie claimed the shares were valued at N21.2 Million which belonged to him.

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The prosecutor said Kayode issued three different cheques worth N5.5 million to Okezie to offset the money owed, but the cheques were bounced on presentation due to insufficient funds in his account.

Kayode pleaded not guilty to the charge and the Magistrate, Mrs Omisire, granted him bail with the sum of N5 million with two sureties in like sum.

The case was adjourned to September 10 for hearing.