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”.