18.9 bn Scam: Court Grants Investors’ Requests Against Ponzi Scheme Operators, Ajetunmobi Couple

Justice Taofiquat Oyekan-Abdullahi of the Lagos State High Court, Osborne, Ikoyi on Thursday granted all the prayers sought by investors who lost a whopping sum of N18.9 billion to a couple, Bamise Samson Ajetunmobi and Elizabeth Anuoluwapo Ajetunmobi, who operates fake investiment scheme.

The investors through their counsel, Adetunji Adedoyin-Adeniyi of AAA Chambers and Banwo and Ighodalo and Coy, have approached the court in a suit numbered LD/579CM/2021, asking the court for several declarations and orders against the alleged fraudulent couple and their companies, Imagine Global Holding Company Limited and Imagine Global Solutions Limited.

The declarations and orders sought by the investors include: “a declaration that the court is clothed with jurisdictional competence to enforce the written contracts executed between the parties herein vide their Originating Summons, on the ground that the underlying issues bothers on the interpretation of written contracts, that arose out of the Claimants’ respective investment agreements and the failure of the Defendants to comply with the terms of the said agreements.

“A declaration that the defendants’ failure to comply with the terms of the Investment Agreements executed between the Claimants and the 2nd Defendant, vis-à-vis, the failure of the Defendants to pay the Claimants their investment sums as agreed in the confirmation of investment, constitute a breach of the contract validly entered between the claimants and the second defendant.

“An order of the court mandating, compelling and directing the defendants to forthwith pay the first to 17th claimants, represented by Barrister Adedoyin-Adeniyi of AAA Chambers, jointly and severally pay the total sum of N15, 541,350, billion, at 10 percent interest per annum being the outstanding investment sums accruing to the first to 17th claimants, who are investors; together with all other listed investors, in the second defendant’s company, upon the maturity of the respective investments and the accrued return on investments thereon.

“An order of the court mandating, compelling and directing the Defendants to forthwith pay the 18th to 27th Claimants, represented by Banwo and Ighodalo and Co., jointly and severally pay the total sum of N3, 387,450, billion, at 10 percent interest per annum being the outstanding investment sums accruing to the 18th to 27th claimants who are investors; together with all other listed investors, in the second defendant’s company, upon the maturity of the respective investments and the accrued return on investments thereon.

But the Ajetunmobis whose whereabouts are unknown and their companies in their preliminary objections filed by their counsel, Olukunle Nathan-Marsh, of Baptist, Dipeolu& Marsh Solicitors and Advocates, asked the court to dismiss investors’ suit against them.

However, Justice Abdullahi-Oyekan, while delivering judgment in the suit dismissed the preliminary objections filed by the Ajetunmobis and their companies and granted all the declarations and orders sought for by the investors.

The judge also exited CBN from the suit.