Daily Trust (Abuja)

18 March 2013

Nigeria: Man, 60, Arrested Over Stock Exchange Fraud

Lagos — Police detectives attached to the Special Fraud Unit (SFU) have arrested a 60-year-old man for allegedly defrauding management of the Nigerian Stock Exchange (NSE) of N190 million.

The suspect identified as Uche Philips Ehiemere, is said to be the Managing Director of DE-Anchor Ltd and was appointed by NSE as its property manager.

A statement issued by SFU Public Relations Officer, Ngozi Isintume, stated that the suspect was arrested following a petition by NSE.

"On March 1, 2013, one Uche Philips Ehiemere, 60 yrs, Managing Director of DE-ANCHOR Ltd, Lagos was arrested by detectives from this office based on a petition filed against him by the Nigeria Stock Exchange (NSE). The NSE alleged that Uche Philips Ehimere was appointed in 1999 as its property manager to collect revenue from its tenants at the NSE's Building in Lagos with the mandate to retain five per cent of such rents as service/maintenance charge and remit the balance to NSE's account," she added.

Isintume, an Assistant Superintendent of Police (ASP) further stated that upon reconciliation of the accounts, in August, 2012, NSE discovered that the suspect fraudulently converted N190 million being the total sum collected to his use without remitting same to NSE's account.

SFU spokesperson further alleged that the suspect also stole diesel and generator batteries belonging to NSE between September, 2012 and January, 2013.

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