The Deputy Speaker of the House of Representatives, Alhaji Bayero Nafada, a serving minister, an ex-Minister of Health, Prof. Babatunde Osotimehin, and 13 other Nigerians have been defrauded of about N404m under a phoney stock investment.

The Leader of the Intergrity Group in the House of Representatives, Mr. Farouk Lawan, Mrs. Hauwa Bukar, Mr. Nasiru Dantiye, Ms. Philemon Debuwa, Ms. Blessing Uzoma, and Mr. Zakari Peters are also among the victims.

The others are Mr. Shuaibu Ahmed, Mr. Umar Mohammed, Ms. Esther Detwan , Y. Dayar, Mr. Thomas La’ah, Mr. Aliyu Kalgo, and Taslim Lawan.

They were alleged to have been conned by Mr. Adeniyi Elumaro, Mrs. Rakiya Mamman of an Abuja-based Integrated Capital Services Limited, who told them they were going to invest the sum in major companies— MTN, Starcoms, Equatorial Trust Bank, Access Bank and City Link.

Elumaro, who is the managing director of ICSL and Mamman, the executive director will be arraigned before a vacation judge, Justice Olukayode Adeniyi, of the Federal Capital Territory High Court, Abuja, on Thursday.

Already, a 22-count charge have been preferred against them by the Economic and Financial Crimes Commission.

They were accused by the EFCC of obtaining various sums from Nafada, Osotimehin and the other victims in Abuja between January 2006 and December 2008 under false pretence.

A copy of the charge sheet obtained by our correspondent revealed that the deputy speaker lost the highest amount of N161m while Lawan lost N25m.

It could not be ascertained as at press time on Tuesday if Taslim Lawan, who also lost N25m, has a blood relationship with the leader of Intergrity Group in the House.

The charge sheet also indicated that Osotimehin put N5m into the deal, while the serving minister, whose name is being withheld by the anti-graft agency for security reason, was defrauded of N16.5m.

The minister, who is said to hold a sensitive portfolio, is said to have deposited the amount in three tranches of N10m, N6m and N500,000.

Dantiye, a former federal lawmaker from Jigawa State lost N25.5m; Bukar, N30m; Debuwa, N5m; Uzoma, N25m; Dayar, N3m; La’ah, N8m ; and Peters, N5m.

According to charge sheet, Ahmed lost N4.8m; Mohammed, N10m; Detwan, N20m; and Kalgo, N5m. Two firms also listed as having been defrauded were Standard Products Services ,N20m; and Niret Limited, N10m. The offence said to have been committed by the accused contravenes Section 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006. The offence is punishable under Section 1 (3) of the Act.



The first charge reads, “That you, Elumaro, being the Managing Director of ICSL; Mamman, being the Executive Director and ICSL on or about January 2006 to December 2008 conspired among yourself to commit felony by:



“ Falsely obtaining money and thereby committed an offence contrary to the Advance Fee Fraud and Other Fraud Related Offences Act 2006.



“ Falsely obtaining the amount with intent to defraud (the victims) by presenting to him (them) that the said money was meant for the purpose of investing same.



“(The purported investment was) into stocks and private placement such as ETB, Access Bank, MTN, Starcoms and City Link shares, which you knew is false.



“You thereby committed an offence contrary to the Advance Fee Fraud and Other Related Offences Act 2006.”



The charge sheet dated July 30 was endorsed by the EFCC Principal Detective Superintendent, Chief Steve Odiase.

Haba! na fight?

Let it not be that these guys were affected by the downturn in the stock market and they have decided to hold the broker to ransome because of their positions.

Serves them right

jokingmary:

Serves them right

yeah they deserve it

Good 4 them!

Stolen money has been stolen too . . . . .

It's the Law of Karma

Words of Fela Kuti, I T T, International Thief Thief, Thief don Thief Thief.
From where did the deputy speaker get a whopping 161m for such investment? bloody criminals shamelessly crying in public of being conned, bulls**t

A fool and his money are soon parted but how did the fool come about the money in the first place?

Yea, yea, yea!!! I'm realy glad hearing this, I'm lOoooooving this mehn!

Humm!
The globe stock market is generally down. Is it that the ICSL did not invest their money or they lost their investiment to global stock downtourn?

I hope thes corrupt-powerful individulas are not trying to recount their losses.

From where did they get such huge sum for investment portfolio?

This look like a case of "Ole gbe, Ole gba".

Repents, Yours days are numbered corrupt politicians.

Nobody has been able to arrest them for their inaccountability to Nigerians, but now they are arresting fund managers.

Y?

Beta Soon 9ja.

Those for the bill should say Ay!

Just a simple case of theif theif from theif, But na we the mases go suffer am pass because dis men go wan take d money back by embezzling more even with interest. NIGERIAAAAAAAAAAAA

Theblessed:

[size=28pt]Good!! Easy come, easy go!!!!!!!!!!!!

That's how all of them who stole our money would eventually, unassumingly loose everything they stole from Nigerians including their wasted lives and that of their children and families, in Jesus Name, Amen!

Unless they return, every penny they stole from us otherwise, they will pay and their children will pay up to the 4th Generation saith God - that he would use the sins of the fathers to visit their children, their children's children up to the 4th generation (Exodus Chpt. 20: v. 1 - 6).

So, if they know they committed sin by stealing our money - we did not pay them in wages and which has caused severe hardship and suffering in Nigeria today well, they better return it because, things will start happening to them one by one just as it happened to the people of Egypt! They can run but, they can not hide!![/size]

Bros, haba na by force, cursing with all ur muscle!!! easy oooooooooooo, but seriously they deserve all that they got. They are not the only ones that lost money in the stock market why the noise all abt it, what about the other poor or rich masses that gat money tied in the stock market,

I think it serves all of them right. They are suffering from the same effects of corruption they are engaged in.

It has not yet started.

slap1:

Those for the bill should say Ay!

AY RAISE TO POWER 1000

I'm only sorry that those people were arrested.

Let it not be that these guys were affected by the downturn in the stock market and they have decided to hold the broker to ransome because of their positions.

most likely that was what happened, those bloody thieves are just trying to hold somebody responsible for their loss in the stock market, while i dont know why they are crying this hard, after-all, their loss is nothing compared to their loot from the nation's treasury.

It's a shame corrupt officials/politicians aren't treated in this way too!

i have said it and would keep on saying it


only a greedy person would fall prey to 419

seyibrown:

It's a shame corrupt officials/politicians aren't treated in this way too!

exactly, very efficient and fast too. It's amazing EFCC na wah oh

serves them right infact they should be punished for looting and for being dull

Money miss road.

[size=8pt]NO ONE IS ASKING WHERE 15 of them got N404MM!! Thats approx N27 P/P HMMMMMM. [color=#990000][/color]