Ponzi Scheme Operator Granted N2Billion Bail

Matilda Omonaiye/

A man who defrauded 170 people of N10.8 billion through a fake investment scheme has been granted N2billion bail at a Federal High Court in Lagos.

Twenty-two-year-old Joshua Adeyinka Kayode was Wednesday admitted to bail by Justice Nicholas Oweibo of the Federal High Court, Lagos, in the sum of N2 billion with two sureties in like sum.

Justice Oweibo ordered that each of the sureties must own landed property within the court’s jurisdiction and must depose to an affidavit of means.

He also ordered that the sureties and the defendant must deposit two passport photographs with the Court’s Registrar and that the defendant must also deposit his international passport with the Court’s Registrar.

While adjourning the defendant’s trial to November 10, the judge ordered that the prosecutor must verify all the bail terms and that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS) till he perfects his bail terms.

Justice Oweibo ruled on the bail application, after taking arguments from the defendant’s counsel, Mr Emeka Okpoko (SAN) and the prosecutor, Mr Tijjani Williams.

The defendant alongside his company, Quintessential Investment Company Limited were arraigned before the court on August 5, by the Force Criminal Investigations Department (FCID) Annex, Alagbon-Ikoyi, Lagos, on 170 count charges bordering on conspiracy and obtaining by false pretence.

During the arraignment, Williams told the court that the defendant and others now at large, committed the offences between July 2020 and March 2021.

Williams told the court that the defendant defrauded the victims under the pretence of false multiple returns on investment.

He told the court that the offences committed by the defendant were contrary to and punishable under sections 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

But the defendant denied the allegations and pleaded not guilty to all the counts.

Following his not guilty plea, the prosecutor urged the court to remand him in the custody of Nigerian Correctional Services (NCoS), pending when his bail application would be heard and determined.

Counsel to the defendant, Okpoko (SAN) did not oppose the remand application but asked the Court for a short date.

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