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N40m Scam: Former Wema Securities Chief Bags Two and Half Years Jail Term

Justice Sadiq Umar of the High Court of the Federal Capital Territory Abuja has sentenced Akin Oladipupo, former manager of Wema Securities and Finance Plc and Rainbow Global ventures limited to two and a half years imprisonment for defrauding his customers.

The Economic and Financial Crimes commission, EFCC, had arraigned the convict together with his company on February 13, 2006 on a nine count charge bordering on dishonest conversion of various customers’ money to the tune of over forty million naira.

To prove its case against the convict, the Commission tendered three exhibits and called three witnesses.

In a judgment delivered on January 28, 2013, Justice Umar convicted the accused person on four of the nine count charge but acquitted him on the others. The convict bagged six months imprisonment on the first count and two years imprisonment on counts two, three, eight and nine without an option of fine.

The sentences are to run concurrently with effect from the date of delivery of judgment.

In a related development, Justice M. L. Shuaibu of the Federal High Court, Kaduna, on February 8, and 18, 2013 sentenced the duo of Michael Adewunmi Ifashole and Mr Ibini Kayode to six months imprisonment respectively for offences bordering on obtaining by false pretence and possession of document containing false pretence contrary to section 6 and 8 (b) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 and punishable under section 1 (3) of the same Act.

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