Court jails fake capital market investor 18 months

A MAGISTRATE Court sitting in Lagos has sentenced one Mr.
Attah John Akpan to 18 months imprisonment with hard
labour for attempting to impersonate a capital market
investor.
The 54-year old Akpan was apprehended at the offices of
Central Securities Clearing System Plc (CSCS Plc) on 15
December 2014 during routine biometrics data capture
exercise for investors as he attempted the crime. His plans
were foiled by the vigilant team of the CSCS Customer Care
Centre after which he was handed over to the Police and was
subsequently charged to court.
In a ruling delivered by His Honour, Mr. L.A. Owolabi of
Senior Magistrate Court, Tinubu Square, Marina, Lagos,
Akpan was found guilty of a two-count charge for attempting
to steal shares worth over N12,000,000.00 (twelve million
naira) belonging to an investor (name withheld). The
sentence takes effect from 2 October 2015.
CSCS had been prompted to consider and implement strident
measures to stem incessant occurrences of identity theft in
the capital market while upholding the company’s values of
security, efficiency, confidentiality, uprightness,
resourcefulness and excellence. One of such measures
includes the launching of a central, robust and secure
biometrics enrolment and verification solution in March,
2015.
The biometrics solution, which evolved through several
stages of design, development, and testing, provides the
capital market with the benefits of having a central database
of all capital market investors and reinforce identity
management across the market.
These laudable measures, which have been put in place will
undoubtedly boost investors’ confidence in the market as
well as result in considerable increase in public investments.

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