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Man In Nigeria Converts Client’s Shares Into Personal Use, Bags 6 Months In Jail

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The Economic and Financial Crimes Commission, EFCC, has secured the conviction of Bashir Olumuyiwa, the Managing Director of Asset Multipliers and Growth Concept Limited, for converting shares bought by his client into his personal use.

He was sentenced by Justice Abubakar Idris Kutigi of the Federal Capital Territory High Court, Abuja.

The convict was arraigned on May 21 on an amended five-count charge of criminal breach of trust to the tune of  N1, 236,000.00.

The offence is punishable under Section 312 of the Penal Code.

The convict was in 2008 entrusted with an Oando Share certificate valued at N310,000. The certificate belonged to Enoman Otom and was given to the convict for the purpose of stock trading.

But after selling the shares, he converted the proceeds to his own use.

Delivering his judgment, Justice Kutigi discharged and acquitted the convict on counts one, two and five; but found him guilty on counts 3 and 4 and sentenced him to six months imprisonment on both counts.

The convict was also ordered to pay the sum of N236, 000.00 in restitution to the victim.

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