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NSE, EFCC stop N20 Million capital market fraud
  • Post by Admin on sunday, March 05, 2015

The Nigerian Nigeria Stock Exchange and the Economic and Financial Crimes Commission have succeeded in aborting a N20 million fraud targeted at the estate of an investor in the market, the late Prof. David Osifo. The development was contained in a letter by the deceased's wife, Prof. Bola Osifo, to the NSE, commending the two organisations for helping the family to recover the sum of N20 million being her late husband's investment.

In the letter, she wrote, "On behalf of the Osifo family, we will like to thank the NSE for the dedicated effort in ensuring the stolen shares were reimbursed to my husband's estate." The late professor had equity investment to the tune of N20, 176,852.19 in the capital market but was said to have been illegally appropriated by some fraudsters.

Upon the detection of the crime, the wife of the deceased contacted the NSE. The Exchange, according to the statement, was said to have swung into action and collaborated with the EFCC to recover the sum in full.

Copyright: FINANCIAL EDGE.

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