Rights Lawyer Wants CAC Boss To Probe Alleged Shares Fraud, Theft

Posted by Ignatius Okpara Featured, Latest Headlines, News Across Nigeria Friday, September 27th, 2024

(AFRICAN EXAMINER) – A human rights Lawyer, Barrister Olu Omotayo, has petitioned the Registrar-General, Corporate Affairs Commission (CAC), over alleged Computer related fraud and stealing of shares belonging to one Mrs. Maria Omego-Edeh, by unknown person, in connivance with officials of the Commission, calling for thorough investigation and arrest of the culprits.

The lawyer however, described the act as “cyber robbery and Terrorism” urging the CAC boss to use his good office in ensuring that the perpetrators are made to face the full wrath of the law or found guilty in the end.

Omotayo, in the petition he addressed to the CAC boss, and made available to newsmen Friday in Enugu said “we write to you in respect of the above mentioned matter on behalf Mrs. Maria Omego-Edeh, who we shall hereinafter refer to as our client.

“Our client has over 7.1 billion shares as the majority shareholder in Mayfresh Mortgage Bank Limited.

“Also, a caveat was placed on the file of the company with a letter to Registrar General dated 24th July, 2024, in order to forestall any illegal dealings with the file and records of the company at the Commission.

According to him, “the Status Report showing the standing of the company as at 12th August 2024, and the acknowledged copy of the letter placing the Caveat are attached and marked A and B, respectively.

He noted that on Thursday 19th September 2024, “when our client generated a status report of the company her entire shareholding was removed and Zero shares written against her name.

“It is noteworthy to state that this complaint had earlier commanded your attention vide a petition dated 20th September 2024, from the chambers of Hammed Wasiu & Co.

“But up till date nothing has been done by the Commission to investigate and make the perpetrators of this heinous crime to face the full wrath of the law.

“Position of Law:

Considering the provisions of our National Law in this regard i.e the Companies and Allied Matters Act 2020, (As amended), the Transfer of shares refers to the process of transferring ownership of shares from one party to another.

“It involves the sale or gifting of shares from the current shareholder (transferor) to another individual or entity (transferee).

“Shares can only be transferred in two ways, which are 1). By the owner selling his or shares or (2). By the Owner gifting his or her shares to a third party.

“In the present case our client never sold or executed any deed of gift to anybody. The question is who then authorize the Commission to take or sell the shares to a third party?

“We submit that shares are personal properties of the owner and cannot be taken away fraudulently by anybody including the Commission without the consent of the owner.

“It is worrisome that despite the fact that caveat is placed on the file of the company, this act of brigandage could still be perpetrated by unscrupulous elements in connivance with officials of the commission.

He declared that “this type of act portends danger in a developing economy like ours because the implication is that any misfit can alter a company record with the commission at will.

“This is an offence under Section 14(1) Cybercrime (Prohibition ,Prevention) Act 2015 (As Amended), which deals with computer related fraud as it clearly provides as follows:

“Any person who knowingly and without authority or in excess of authority causes any loss of property to another by altering , erasing, inputting or suppressing any data held in any computer, whether or not for the purpose of conferring any economic benefits on himself or another person, commits an offence.

‘”And is liable on conviction to imprisonment for a term of not less than 3 years, or to a fine of not less than N7, 000 000 :00K,(seven million Naira) or both fine and imprisonment”.

“We demand the immediate arrest and prosecution of all the persons involved in this act of cyber robbery and terrorism.

The petition added that “We further demand that the alterations made despite the caveat placed on the company’s file be rescinded and corrected to the earlier details immediately.