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In a major boost to the enforcement activities of the Securities and Exchange Commission, the Chairman and Managing Director of Famzhi Interbiz Ltd, Mariam Suleiman has been sentenced to five years’ imprisonment without option of fine for defrauding investors of over N2 billion.
Justice Inyang Ekwo of Federal High Court, Abuja, found Suleiman and her company guilty of the allegations preferred against them in counts one and two by the Federal Government.
According to Ekwo, “Upon the provisions of Section 516 of the Criminal Code Act and Section 56(6) of the Securities and Investment Act being read to the defendants, for understanding of the terms of punishment therein.
“And upon hearing the allocutus of the learned counsel for the defendants and considering same, I am minded not to impose the full punishment on the 1st defendant (Suleiman) particularly,” he said.
Justice Ekwo, consequently, sentenced Suleiman to three years’ imprisonment in count one and two years’imprisonment in count two which would run concurrently from the date of the order.
He equally ordered the company to be wound up and all its property to be forfeited to the Federal Government.
“The said property shall be sold and the proceeds there-of used to compensate the victims of this crime,” he declared.
The SEC had three years ago disclaimed the activities of Famzhi Interbiz Limited, warning that neither the entity northe ‘illegal products’ they offer were registered or regulated by the Commission.
