Stockbroker diverts N1.5bn client’s bank shares, faces trial

The Economic and Financial Crimes Commission (EFCC), on Tuesday, arraigned one Chiedu Ijiomah and his company, Adonai Stockbrokers Limited on a three-count charge bordering on stealing, breach of trust and fraudulent diversion of shares to the tune of N1.5 billion.

Ijiomah was arraigned before Justice C.C Ani of the State High Court Enugu.

One of the charges against the defendant reads: “That you, Chiedu Ijiomah and Adonai Stockbrokers limited between 4th December, 2016 and 14th March, 2016 in Enugu within the jurisdiction of this Honourable Court did commit a felony to wit: stealing by fraudulently converting to your personal use the total number of N1,408,369,859 from account number 45927884/C695275KL, being the property of one Kalu Uke Kalu and thereby committed an offence contrary to section 342,353 (h)(i)(ii)(iii) and (i) of the Revised Criminal Code Law (CAP.30) of the Enugu State of Nigeria, 2004”.

The defendant pleaded ‘not guilty’ when the charges were read to him. Consequently, the prosecuting counsel, Michael Ani, asked the court for a date to commence trail.

Justice Ani, however, granted the defendant bail in the sum of N20 million with two sureties in like sum, one of whom must be a civil servant on Grade Level 16 or above.

The other must be a businessman with landed properties in Enugu. The defendant is to deposit his International Passport with the court.

The case has been adjourned till March 22, 23 and 24, 2022.

The investigation into the shares scam commenced sometime in 2017 when Uke Kalu petitioned the Commission, alleging that Chiedu and his company, Adonai Stockbrokers Limited, had withheld dividends from his shares between 2005 to 2016, adding that his findings indicated that 46,139,663 units of his GTBank shares were missing and that the dividends accrued from the shares totaling N1.5 billion could not be accounted for by Ijiomah.

TheStar