Suspected Fraudster Arraigned for N11.6m Securities Scam by EFCC


The Economic and Financial Crimes Commission, EFCC, on Wednesday, May 20, 2014 arraigned Etim James Etim before Justice I.L Ojukwu of a Federal High Court, Uyo, Akwa-Ibom State on a 12-count charge bordering on conspiracy, forgery and stealing.

Specifically, Etim allegedly stole and sold shares valued at N11.655, 000 (Eleven Million, Six Hundred and Fifty- Five Thousand Naira only) belonging to an eighty-five-year old pensioner, Chief Ukim Okon Edem, without his consent. He committed the fraud in connivance with three other accomplices: Okey Godfrey Okebalama, James Oyabolo and Udoh (all at large).
When the charges were read to him, he pleaded not guilty.

Count two of the charge reads: “That you Etim James Etim( a.k.a T Boy, "Ukim Okon Edem") on or about the 7th March, 2013 at Oron Road, Uyo within the Uyo Judicial Division of this honourable court with intent to defraud stole the sum of Five Million Naira ( N5,000,000) only being the proceeds from the sale of Seventeen Thousand One Hundred and Twenty Six ( 17,126) unit of Guinness Nigeria Plc shares, property of Chief Ukim Okon Edem and thereby committed an offence contrary to Section 390(9) of the Criminal Code Act Cap. 38, Laws of the Federation of Nigeria, 2004”.

Counsel to the EFCC, Ben Ubi, told the court that he was prepared for trial and prayed that the accused person be remanded in prison custody. However, counsel to the accused person, John Okpe, asked the court to allow him make an oral application for bail for his client but Justice Ojukwu declined. He ordered him to file a formal application for bail.

The judge thereafter adjourned the matter till June 12 and 20, 2014 and ordered that the accused person be remanded in prison custody.

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