Stockbroker in court over N12.5m fraud

26.02.2008

IF the report that the Na- tional Judicial CouncilA suspected fake stockbroker, Innocent Ilalokhion, 42, was on Monday arraigned in Lagos for allegedly defrauding 14 prospective shareholders of N12.5 million.

Ilalokhion was arraigned on a 40-count charge of fraud, forgery and stealing before Mrs Christiana Adesola-Ikpatt of the Yaba Chief Magistrate’s Court.

The prosecution alleged that the accused duped 14 persons of the sum while pretending to purchase shares for them in quoted companies.

The prosecutor, ASP Okoronkwo Okorie, told the court that the accused had on December 13, 2007, forged some Central Securities Clearing Service (CSCS) documents with which he allegedly committed the crime.

The prosecutor said the accused had no fixed address and had been using the documents to defraud members of the public in different places.

Ilalokhion, who has no legal representation, pleaded guilty to some of the charges.

Adesola-Ikpatt granted him bail in the sum of N1 million with two sureties, and adjourned the case till March 14 for further hearing.

The News Agency of Nigeria (NAN) reported that Ilalokhion was docked on February 22 over the same offence, but fainted while the charges were being read to him.

Adesola-Ikpatt then directed that the accused be taken to a nearby general hospital for medical attention (NJC) has disapproved the appointment of Justice Isaiah Lakanmi as the substantive Chief Judge of Oyo State is anything to go by, he may be removed from the office anytime from now.