A 53-year-old Managing Director of a stock broking firm, Bioye Eluwole, was on Friday in Lagos charged with defrauding a trader of N12.5 million shares at an Igbosere Magistrates’ Court.
Eluwole of Bytofel Trust and Securities Ltd located at No. 50/52, Broad St., Lagos, is facing a charge of stealing.
He, however, denied the charge.
But the prosecutor, Sgt. Ingobo Emby, told the court that the accused committed the offence on March 3, 2013 in his office.
He said the accused stole 500,000 units of Stanbic-IBTC shares valued at N12.5 million belonging to Mrs Adebimpe Hassan.
“The accused sold some of the shares and converted the proceeds to his personal use.’’
According to Emby, the offence violates Section 285 of the Criminal Law of Lagos State, 2011. Section 285 (8) prescribes 10 years imprisonment for any director of a company convicted of stealing the company’s property.
Hassan was in court as a prosecution witness.
The Magistrate, Mrs I.O. Omotosho, granted the accused bail in the sum of N1.2 million with two sureties in like sum.
The case was adjourned to Oct. 13 for trial.
NAN
