The Economic and Financial Crimes Commission, EFCC, arraigned two capital market operators, Nneka Okechukwu and Nkeiru Okoro, before a Lagos High Court over alleged fraud of N119.8 million.
Okechukwu worked as the head of the business development, Heritage Capital Markets Limited Lagos while Okoro worked with one C. N. Ukachukwu and sons Limited
The accused were arraigned on a 19-count charge bordering on fraud, stealing and forgery.
The Prosecutor, Miss Elizabeth Oyedotun, told the court that the accused committed the alleged offences sometime in 2013 in Lagos.
She said that the duo conspired and stole a total sum of N119.8 million property of the Estate of late Cyril Ukachukwu.
According to the charge, the duo committed the offences in different occasions.
The charge stated that the accused dishonestly converted to their own use the said money being the proceeds of sale of shares of the company of late Ukachukwu.
The prosecutor said: “sometime in 2013, the accused dishonestly converted to their own use N63 million being proceeds of sale of shares of a Blue Chip Companies, property of Ukachukwu.
EFCC alleged that ” in July 30, 2013, the accused converted N33.7 million to their own use being proceeds of sale of some unit of shares of Nigeria Breweries, property of Estate of late Ukachukwu”.
The prosecutor however said the offences contravened Sections 278 (1) and 285 (1) of the Criminal Law of Lagos State 2011.
The accused pleaded not guilty.
The prosecutor urged the court to remand the accused to prison custody.
But the counsel to the accused, Kingsley Ngu, urged the court to admit them to bail on liberal terms.
Ngu supported his bail application with a five paragraph-Affidavit.
He told the court that the accused had credible people to stand as their sureties.
However, Justice Oluwatoyin Taiwo, who could not continue sitting due to power outage, adjourned the case till June 30 for ruling on bail application.