Court Jails 3 Men 20 Years For N45.6m Stock Fraud

The Convicts When They Were First Arraigned

Three aged-men, Kasumu Shakiru Ademola, Salau Omoniyi Mikailu And Ganiyu Oluyede Isola, were today, sentenced to 20 Years imprisonment, by a Lagos Federal High Court, on charges of a four-count charge of conspiracy, unlawful fund conversation and laundering of the sum of N45, 686, 184. 72 million.

Justice Chukwuejekwu Aneke who presided over the court, gave the convict the jail-term while delivering judgment in the charge filed against them by the Economic and Financial Crimes Commission (EFCC).

The three convicts, were first arraigned alongside a stockbroking firm, CSL Stokebrokers, before the company sometimes in 2019, on eight count charge of the offences.

The three convicts had pleaded not guilty to all the eight count charge. And they were admitted to bail in various terms.

However, the convicts in 2021, they informed the court of their intentions to change their earlier not guilty plea, and they pleaded guilty to the charges.

Also, the prosecution, also informed the court it’s intention to withdraw the charge against the Stockbroking firm, and to amend the charges against the convicts, owing to their change of plea.

Consequently, the court granted the prosecution’s request and discharged the company of the charge, while ordered the convicts to retake their plea on the amended charge.

In the amended charge, the three convicts were accused of conspiring among themselves to unlawfully converted 298,550 stocks of a deceased, late Joseph Adeniji Adeyemi Joseph, valued N34 million.

They were also accused to have unlawfully retained the aggregate of the sum of N9,481 million, in your Guaranty Trust Bank Plc’s account No.0011453876.

Their actions according to the prosecution, contravened sections 18(a); 15(2)(b) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under Section 15(3) of the same Act. 

At the resumed sentence of the convicts today, their lawyers, who include, O Muyideen and A. Olufemi, in their allucutor, pleaded with the court to tamper justice mercy in sentencing the convicts, by considering that they have been in the detention since 2018, when they were arrested.

The counsel also told the court to consider the timely guilty plea of the convicts, whom they said above 60 years. Adding that the convicts have turned a new leave and promised never to engage in a crime.

Delivering judgment, Justice Aneke while considered the lawyers’ allucutor, sentenced the convicts to five years in each of the four counts.

The judge while ordered that the jail-term commenced from the date they have be in custody and to run concurrently. 

The judge also ordered the convicts to make restitution of the proceeds of the crime to the family of late Joseph Adeniji Adeyemi Joseph.