Managing Director arrested over N190m Stock Exchange fund

The Managing Director of De-Anchor Limited, Uche Philips Ehiemere, has been arrested by the Special Fraud Unit of the Nigeria Police.
Ehiemere, 60, was arrested by the Lagos State office of the SFU at Milverton, Ikoyi, Lagos State.
He was arrested on March 1, 2013 based on a petition filed against him by the Nigeria Stock Exchange.
According to the spokesperson of the SFU, Ngozi Isintume-Agu, a Deputy Superintendent of Police, the NSE alleged that Ehimere was appointed in 1999 as its Property Manager to collect revenue from its tenants at the NSE’s Building in Lagos State with the mandate to retain 5 per cent of such rents as service/maintenance charge and remit the balance to NSE’s account.
However, when the NSE did its account reconciliation in August, 2012, it was discovered that Ehiemere had allegedly fraudulently converted N190,000,000, being the total sum collected, to his use without remitting same to NSE’s account.
Isintume Agu further alleged that suspect also stole diesel and generator batteries between September, 2012 and January, 2013.
She added: “Aside this, the suspect has specifically collected N10,606,100.40 and N5,234,048.40 from two tenants of NSE, namely, Central Securities and Clearing System and First Bank respectively.
“The suspect will be charged to court soonest.”