The Federal High Court in Lagos has commenced the trial of Bamise Ajetunmobi, an alleged Ponzi scheme operator accused of defrauding unsuspecting investors of a staggering N7.5 billion.
Ajetunmobi, alongside his wife, Elizabeth Ajetunmobi, who is currently at large, and their company, Imaging Global Solutions Limited, are facing a 12-count indictment bordering on conspiracy, obtaining by false pretence, and fraud.
The case, initially brought before Justice Chukwujekwu Aneke in 2023 by the Force Criminal Investigation Department (ForceCID), was later taken over by the Office of the Attorney-General of the Federation, with Mrs Kehinde Bode-Ayeni, leading the prosecution.
At the resumed hearing, Bode-Ayeni told the court that efforts to reach an out-of-court settlement had failed, as the defendant had not fulfilled promises to resolve the matter amicably. She therefore urged the court to proceed with the trial.
The defence counsel, Dr. B. U. Ikpenwa, requested additional time to explore settlement options, but the prosecution insisted that proceedings move forward, noting that any potential resolution could still occur before the next adjourned date.
In launching the trial, the prosecution called its first witness, Oluyemi Oyewole, a legal practitioner and Director at DLA Piper Africa.
In his testimony, Oyewole recounted how he was enticed into investing N100 million in 2021, lured by a promised 10 per cent return on investment (ROI).
According to him, “I made the payments between April and May 2021. But by August 2021, I began to grow suspicious due to delayed payments and noticed the defendant’s increasingly lavish lifestyle, buying properties, luxury vehicles, and frequently travelling."
The witness added that he later heard through news reports that Ajetunmobi attempted to flee the country to an offshore island but was denied entry, and that he was eventually arrested in the Ivory Coast and returned to Nigeria to face trial.
According to the charges, Ajetunmobi and his wife allegedly orchestrated the scam by promising lucrative returns to high-net-worth individuals, many of whom invested massive sums.
Among the listed victims are Mr Olawale Lawal (N1.5 billion), Mrs Kate Omu (N500 million), Mr Erhi Catherine Ojoboh (N2 billion), and Mr Abioye Idris (N3.5 billion).
The prosecution stated that the alleged offences violate sections 8(a), 1(a)(c), and 1(2) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and are punishable under section 1(3) of the same law.
They are also contrary to section 383 of the Criminal Code Act Cap C38 Laws of the Federation of Nigeria 2004, and punishable under section 390(a).
Justice Aneke adjourned the matter to September 26, 2025, for the continuation of the trial.
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