EFCC release: suspected fraudster arraigned for N11.6m securities scam

Here's a press release from the Economic and Financial
Crimes Commission, EFCC. Read below...
The Economic and Financial Crimes Commission, EFCC,
on Wednesday, May 20, 2014 arraigned Etim James Etim
before Justice I.L Ojukwu of a Federal High Court, Uyo,
Akwa-Ibom State on a 12-count charge bordering on
conspiracy, forgery and stealing.
Specifically, Etim allegedly stole and sold shares valued
at N11.655, 000 (Eleven Million, Six Hundred and Fifty-
Five Thousand Naira only) belonging to an eighty-five-
year old pensioner, Chief Ukim Okon Edem, without his
consent. He committed the fraud in connivance with three
other accomplices: Okey Godfrey Okebalama, James
Oyabolo and Udoh (all at large).
When the charges were read to him, he pleaded not guilty.
Count two of the charge reads: “That you Etim James Etim
( a.k.a T Boy, "Ukim Okon Edem") on or about the 7th March,
2013 at Oron Road, Uyo within the Uyo Judicial Division of
this honourable court with intent to defraud stole the sum of
Five Million Naira (N5,000,000) only being the proceeds from
the sale of Seventeen Thousand One Hundred and Twenty Six
(17,126) unit of Guinness Nigeria Plc shares, property of Chief
Ukim Okon Edem and thereby committed an offence contrary to
Section 390(9) of the Criminal Code Act Cap. 38, Laws of the
Federation of Nigeria, 2004”.
Counsel to the EFCC, Ben Ubi, told the court that he was
prepared for trial and prayed that the accused person be
remanded in prison custody. However, counsel to the accused
person, John Okpe, asked the court to allow him make an oral
application for bail for his client but Justice Ojukwu declined.
He ordered him to file a formal application for bail.
The judge thereafter adjourned the matter till June 12 and 20,
2014 and ordered that the accused person be remanded in prison
custody.
Wilson Uwujaren
Head, Media & Publicity
21st May, 2014