Broad street crime: Managing director faces 10-years behind bars for stealing N12.5million shares

by Azubuike Azikiwe

A Managing Director of a stock broking firm, Bioye Eluwole, has been charged with defrauding a trader of N12.5 million shares.

He was arraigned on Friday, 12 September, at an Igbosere Magistrates’ Court.

53-year-old Eluwole of Bytofel Trust and Securities Ltd located at No. 50/52, Broad St., Lagos, is facing a charge of stealing, which he has denied.

The police prosecutor, Sergeant Ingobo Emby, told the court that the accused committed the offence on 3 March, 2013 in his office. He revealed that he stole 500,000 units of Stanbic-IBTC shares valued at N12.5 million belonging to Mrs Adebimpe Hassan.


He said, “The accused sold some of the shares and converted the proceeds to his personal use.”

According to Emby, the offence violates Section 285 of the Criminal Law of Lagos State, 2011, which prescribes 10 years imprisonment for any director of a company convicted of stealing the company’s property.

The victim of the financial crime, Hassan was in court as a prosecution witness.

The Magistrate, Mrs I.O. Omotosho, granted the accused bail in the sum of N1.2 million with two sureties in like sum, while adjourning the case to 13 October for trial.