Man Arraigned for N1.5bn Stock Fraud in Enugu

The Economic and Financial Crimes Commission, EFCC, Enugu Command, on Tuesday, February 1, 2022 arraigned one Chiedu Ijiomah and his Company Adonai Stockbrokers Limited before Justice C.C Ani of the State High Court Enugu on a three count charge bordering on stealing , breach of trust and fraudulent diversion of shares to the tune of N1.5 billion

One of the charges against the defendant reads: “That you, Chiedu Ijiomah and Adonai Stockbrokers limited between 4^th December, 2016 and 14^th March, 2016 in Enugu within the jurisdiction of this Honorable Court did commit a felony to wit: stealing by fraudulently converting to your personal use the total number of N1,408,369,859.00 (One Billion, Four Hundred and Eight Million, Three Hundred and Sixty Nine Thousand , Eight Hundred and Fifty Nine Naira ) 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 N20million 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.

EFCC spokesman, Wilson Uwujaren said in statement that 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 GT Bank shares were missing and that the dividends accrued from the shares totaling N1.5 Billion could not be accounted for by Ijiomah.