• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

  • Fact-Check
  • Economy
    • FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review

      Members Board of Directors of Dangote Refinery

      Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

  • National
    • NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno

      FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Tinubu Lifts State of Emergency in Rivers, Reinstates Fubara, Legislators

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

      President Bola Ahmed Tinubu and Minister of Women Affairs Imaan Sulaiman-Ibrahim presenting a cheque to women

      Renewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister,…

    • Government
      • FG, States, LGs Share N2.225trn Revenue for August – FAAC

        ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

        Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

        NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

        MURIC to Alaafin: No Law Grants You Power to Appoint Chief…

        President Bola Ahmed Tinubu and Minister of Women Affairs Imaan Sulaiman-Ibrahim presenting a cheque to women

        Renewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister,…

  • Security
    • NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno

      ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

      Police Officer

      Kaduna Police Arrest Two Suspects Over Illegal Possession of Firearms

      Nigeria’s Minister of Defence, Mohammed Badaru Abubakar,meets with Security Leaders in Beijing

      Badaru Joins Global Leaders at Beijing Forum on Peace, Security

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

  • Features
    • A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity By Senator Iroegbu

      A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity

      Engr. Suleiman Bolakale Kawu Agaka

      Engr. Kawu: A Heroic Homecoming for a Man of the People…

      Prof Isa Pantami, former Minister of Communication and Digital Economy

      Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd…

      Healing Nigeria: A Chronicle of Health Reforms

      Book Review: Is This the Cure? A Look into Healing Nigeria…

  • State
    • ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

      Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

      NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

      Police Officer

      Kaduna Police Arrest Two Suspects Over Illegal Possession of Firearms

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

      MURIC to Alaafin: No Law Grants You Power to Appoint Chief…

  • Event
    • Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

      NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

      Flier for the programs that happened for the elderly by members of BUKAA FCT

      BUKAA FCT Appreciates Sponsors after Aerobics, Football Exercises

      Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

    • PR Nigeria Award
  • E-Paper
Home Anti-Corruption Stockbroker Bags 7 Years for Fraudulent Sale of Shares
  • Anti-Corruption

Stockbroker Bags 7 Years for Fraudulent Sale of Shares

By
Wilson Uwujaren
-
January 5, 2016
EFCC
EFCC Operatives
Justice Kudirat Jose of the Lagos State High Court, Ikeja on Monday, January 4, 2016 convicted and sentenced one Tajudeen Folaji to seven years imprisonment. The convict was found guilty on one count charge of unauthorized sale of shares and  stealing contrary to Section 390(8)(b)of the Criminal Code Law, Cap C17, Vol. 2 Laws of Laws of Lagos State 2003.
While Folaji is to spend the next  seven years in prison, his company, First  Alstate Securities Limited, where he was the managing director was fined  N20 million by Justice Jose.
Folaji was arraigned by the Economic and Financial Crimes Commission, EFCC, sequel to a petition from the Security and Exchange Commission, SEC in 2010, where it was alleged that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc.
After diligent investigation by the Commission, it was discovered that the convict fraudulently sold 31,886,200 units of Adesoye Holdings Limited shares in IPWA Plc worth millions of naira.
Aside the seven years imprisonment, the court also made an order that the EFCC should trace the properties of Folaji and cause same to be sold with the proceeds forfeited to Adesoye Holdings Limited.
The charge reads: “Tajudeen Folaji and First Alstate Securities Limited on o r about the 3rd  April, 2008 at Lagos within the Ikeja Judicial Division of this Honourable Court with intent to defraud, fraudulently converted 31,886,200 (Thirty One Million, Eight Hundred and Eighty Six Thousand, Two Hundred) units of IPWA PLC shares with a cumulative value of N331,297,618.00 (Three Hundred and Thirty One Million, Two Hundred and Ninety Seven Thousand, Six Hundred and Eighteen Naira) property of Adesoye Holdings Limited”.
Wilson Uwujaren
Head, Media & Publicity
4th January, 2016

—

PRNigeria encourages institutions to be transparent in their information management as it provides news items from authoritative sources for free use by the media
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
Previous articlePRNigeria Announces Plan to Diversify Operation
Next articleEFCC Docks Ex-PDP Chair, Son over N300mn
Wilson Uwujaren
Wilson Uwujaren
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

NAHCON

Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu Administration

Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

FG Reaffirms Non-Interference in ICPC, EFCC Operations

ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

Engr Abba Babagana Dalori

Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

Chinese nationals jailed in Lagos

Court Jails Nine Chinese Nationals for Cybercrime in Lagos

ASUU

Tackle Corruption, Institutional Decay – ASUU Charges FG

EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences Kano Make-Up Artist for Naira Abuse

PRNigeria logo fearured image

EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

EFCC, CCC and the Battle Against Corruption in Nigeria, By Mukhtar Ya’u Madobi

Ola Olukoyede, EFCC Chairman

EFCC’s Anti-Corruption War: Between Media Trial and Intelligence-Driven Operations

Olayiwola Oguntade

Court Sentences Ex JAMB Staff for N10m Fraud in Ibadan

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno
  • FG, States, LGs Share N2.225trn Revenue for August – FAAC
  • ICPC Secures Six-Year Jail Term for Sokoto River Basin Director
  • NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier Exercise
  • Kaduna Police Arrest Two Suspects Over Illegal Possession of Firearms
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in BornoFG, States, LGs Share N2.225trn Revenue for August – FAACICPC Secures Six-Year Jail Term for Sokoto River Basin DirectorNAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier ExerciseKaduna Police Arrest Two Suspects Over Illegal Possession of FirearmsTinubu Lifts State of Emergency in Rivers, Reinstates Fubara, LegislatorsBadaru Joins Global Leaders at Beijing Forum on Peace, SecuritySaudi Frees Nigerian Pilgrims Framed by Drug SyndicateTroops Ambush Bandits in Plateau, Neutralise One MURIC to Alaafin: No Law Grants You Power to Appoint Chief Imam of OyoRenewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister, Imaan Sulaiman-IbrahimNigeria Fights Back Against Banditry and Insecurity By Senator IroegbuNigeria Fights Back Against Banditry and InsecurityNavy Retrains Personnel on Weapon Handling to Boost Operational EfficiencyFirefighters Rescue Nine Victims from Burning 6-Storey Building in Lagos
X whatsapp