Date Published: 05/05/10

Court Remands Stock Broker In Prison Over N139m Share Scam  

Justice Shuaibu Mohammed of the Federal High Court sitting in Kaduna has ordered that the Chief Executive of Credence Investment Ltd, Mr. Oladele Shittu, who is being prosecuted by the Economic and Financial Crimes Commission, EFCC, over a N139 million fraud be sent back to the Kaduna Prison pending the determination of two motions he filed before the court.  

Shittu was first arraigned by the EFCC on Tuesday, March 23, 2010, on a 136 count charge of fraud. His arrest followed series of petitions from his supposed clients who turned out to be victims who he allegedly lured into investing their money in stocks between 2006 and 2007.  

The 136 count charge detailed how Oladele collected various sums totaling about N139, 626,170.20, (One hundred and thirty nine million, six hundred and twenty six thousand one hundred and seventy thousand and twenty naira) from over 130 victims within the jurisdiction of the court with the intent to defraud and obtain under the pretence that he was investing in the stock market .  

At the resumed hearing on Tuesday, May 4 Shittu had through his counsel, Dapo Laoke, brought two motions; a notice on preliminary objection challenging the jurisdiction of the court to  hear the matter as well as  an application for bail.  

But EFCC counsel, Sa’ad Hanafi Sa’ad observed that the prosecution has not been served the two applications, a development which Laoke denied insisting that he filed and served prosecution through the court on 30 th day of March.  

The court registrar later explained the mix-up saying that the filing may not have been done appropriately. While over-ruling the hearing of the application for bail, pending the adoption and determination of the preliminary objection brought by the defence counsel, Justice Shuaibu ordered that prosecution be served immediately and appropriately.   

He therefore ordered the accused to be remanded in prison custody until the next adjourned date of July 12, 2010.  

Among Oladele’s victims are Brigadier General Adamu Bura Maraw and Col. G.S Udoenang who lost N1,113,000.00 (one million one hundred and thirteen thousand naira only) and N1,000,000.00 ( One million naira only) respectively.

Count one of the charge against Oladele reads: “That you Shittu Oladele being the director of Credence Investments Limited sometime between 2006 and 2007 within the jurisdiction of this honourable court with intent to defraud, obtain the sum of N 46,016,526.60 (Forty six million, sixteen thousand, five hundred and twenty six naira, sixty kobo) from one Musa Yakubu and others under the false pretence that you were in to stock market business and was going to buy shares for them from the stock market which you did not and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under section 1(3) of the same Act”

Count two reads: “That  you Shittu Oladele being the Director of Credence Investments Limited sometime between 2006 and 2007 within the jurisdiction of this honorable court with intend to defraud, obtain the sum of N 148, 964.00(one hundred and forty eight thousand nine hundred and sixty four naira) from one Musa Yakubu under the false pretence that you were in to stock market business and was going to buy shares for him from the stock market which you did not and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee Fraud and other related offences Act 2006 and punishable under section 1(3) of the same Act.”

Femi Babafemi

Head, Media & Publicity

5/5/2010