The zero tolerance stance on market infractions and fraud of the Securities and Exchange Commission (SEC), received yet another major boost Tuesday when Mr. Oyekun Akinsemoyin was arraigned 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 arrest and prosecution of Mr. Akinsemoyin is a major breakthrough into smashing a racketing syndicate in the capital market.
Mr. Akinsemoyin was arrested by the SEC police unit for his involvement in the fraudulent transfer and subsequent sales of 53, 592 units of Nigerian Breweries PLc belonging to Late Mr. Mwakama Chioma. Mr. Akinsemoyin forged the International passport of late Mwakama bearing his photograph, approached Vision Trust Ltd and processed the illegal transfer and sale of the said shares of late Mwakama. The accused subsequently used the same passport to opened 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 remain serious problem to the Commission in the cause of caring out its market oversight on market abuse.
The accused was granted bail in the sum of N500,000 and a surety in the same sum. The surety to show evidence of tax payment and stable job. Office and residence address to be verified by the registrar of the court. Meanwhile the accused to be remanded in kirikiri prison pending fulfillment of the bail conditions.
Recall that only last month arraigned at the Chief Magistrate Court Zone 6, Abuja on charges of criminal conspiracy, Breach of Trust and cheating contrary to Sections 96, 312, 322 and 323 of the Penal Code Law, Chapter 89.
Deputy Managing Director of the Company, Chibundu Edozie who was docked along with three other accused were alleged to have conspired among themselves with some other staff of BGL and committed the offenses against the investing public which includes Mahmoud Usman, Ann Awase Orsule, Sylvanus C. Ghasarah, Eno Efanga, UN Staff Thrift Credit Cooperative Society of Anambra State Abuja office and Adejoke Atte among others who filed complaints against them before the Securities and Exchange Commission.

Managing Director of the Company, Mr. Albert Okumagba was not in court and also had no representation. However, Edozie was granted bail in the sum of N1million with one surety in the like sum who should not be less than a Level 12 officer and resident in Abuja.
Presiding Magistrate, Chief Magistrate Chinyere Elewe Nwecheonwu after the arraignment, adjourned the hearing to November 6, 2017.

The SEC will continue to regulate and develop the Nigerian Capital Market to be responsive to the socio economic aspiration of the nation as well as ensuring fraud-free market.