The Lagos State High Court in Ikeja has struck out the theft charges filed by the police against a stockbroker, Adegboyega Adewale, and one Idris Asunmo.
![](https://thenigerialawyer.com/wp-content/uploads/2025/05/idrinstitute.png")
Justice Josephine Oyefeso struck out the charges against Adewale and Asunmo following a legal advice by the Lagos State Directorate of Public Prosecutions.
The DPP, in the advice signed by the Director of Public Prosecutions, Lagos State, Mr Y. G. Oshoala, said there were not enough material facts to sustain the charges of conspiracy and stealing which the police filed against Adewale and Asunmo.
As a result, Justice Oyefeso struck out the charges against them.
The police had alleged in the charge marked ID/3487C/2016 that Adewale, in his capacity as the Chief Operational Officer of Morgan Capital Securities Limited, sometime between September 2006 and May 2007, purchased some shares on behalf Asunmo and Risikat Asunmo to the tune of N5.8m and N520,000, respectively without enough funds in their various accounts with the company.
The police said they acted contrary to sections 411, 287(8) and 287(10) of the Criminal Law of Lagos State 2015.
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