Justice Sadiq Umar of the High Court of the Federal Capital Territory, Abuja on January 28, 2013, convicted and sentenced a banker, Akin Oladipupo to seven and half years imprisonment in a case brought against him by the Economic and Financial Crimes Commission, EFCC.

Oladipupo, a former manager of Wema Securities and Finance Plc was arraigned on February 13,2006 alongside his company, Rainbow Global Ventures on a nine count charge of criminal conversion, forgery and theft of over Seventy Seven Million, Two Hundred Thousand Naira (N77,200,000) belonging to several of his customers.

In the course of the trial which lasted over six years, EFCC through its counsel, Samuel Ugwuegbulam called three witnesses and tendered three exhibits.

The convict was found guilty on four of the nine charges and convicted accordingly.

Apart from converting the investment of customers to personal use, Oladipupo allegedly defrauded Wema Securities and Finance Plc of the sum of Five Million Naira (N5, 000,000) and forged several documents to authenticate some of his claims, including a Local Purchasing Order purportedly issued by Central Bank of Nigeria and M-TEL.


Media & Publicity Unit

12th March, 2013