N22bn Investment Scam: Court Orders Couple Ajetunmobi to Pay Investors N18.8bn

The class action suit brought against Nigerian couple, Bamise and Elizabeth Ajetunmobi, over N18.8 billion investment fraud has ended in favor of the plaintiffs.

The Lagos High Court Sitting in Osborne, Ikoyi delivered the judgment in favor of 27 aggrieved Nigerian investors who were scammed by the couple, ordering them to refund the money with interest.

The couple had allegedly fled the country after the investors raised an alarm that they have been scammed of N22 billion, prompting the lawsuit.

In his ruling, Justice Toyin Oyekan-Abdullahi, dismissed all the preliminary objections filed by the defendants and exited the CBN from the proceedings.

The defendants in the suit are Imagine Global Holding Company Ltd, Imagine Global Solutions Ltd, and the Nigerian couple, Bamise and Elizabeth Ajetunmobi.

Imagine Global Solutions Ltd claimed to be running a micro lending service to small and medium businesses, offering 22 per cent as interest on loans received and 10 per cent returns to investors.

The court granted the reliefs sought by the 1st to 17th claimants’ counsel- Adetunji Adedoyin-Adeniyi in the sum of N15.5 Billion and the rest of the Claimants’ represented by the law firm of Banwo and Ighodalo in the sum of N3.3 Billion totaling the sum of 18.8 Billion.

The court had earlier frozen funds and assets of the defendants worldwide as well as all monies standing to their credit.

According to the claimants, the sum is the outstanding investments and return on investments accruing to them from the defendants.

The notorious case is one of many. Earlier in the year, over 4,500 investors called out Chinmark Investment Group for fraudulently collecting billions of naira from Nigerians, offering high ROI that never materialized – the case is still pending.

Nigerians are said to be falling victims to such investment schemes mainly due to greed and desperation to put their idle fund into use.

However, there is belief that the court’s judgment against Bamise and Elizabeth Ajetunmobi will serve as a deterrent to others.

The reliefs granted by the court are as follows:

1. A DECLARATION that this Honourable Court is clothed with jurisdictional competence to enforce the written contracts executed between the parties herein vide this Originating Summons, on the ground that the underlying issues borders on 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.
2. 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 2nd Defendant.
3. AN ORDER of this Honourable Court mandating, compelling and directing the Defendants to forthwith pay the 1st – 17th Claimants jointly and severally pay the total sum of N15,541,350,000.00{Fifteen Billion, Five Hundred and Forty-One Million, Three Hundred and Fifty Thousand Naira} at 10.0% interest per annum being the outstanding investment sums accruing to the 1st – 17th Claimants who are investors; together with all other listed investors, in the 2nd Defendant’s company to wit; OLABODE OLANIPEKUN {N79,000,000.00}, SEGUN ANIMASHAUN {N200,000,000.00}, ABIOYE IDRIS {N1,954,000,000.00}, ERHI OJOBOH {N2,073,000,000.00}, LAUREL ONUMONU {N52,750,000.00}, OLARENWAJU ADEROUNMU{N1,500,000,000.00}, EDET UDO {N1,220,000,000.00}, CHIKEZIE NWOKOCHA {N1,760,740,000.00}, ONYEKACHI ONUBOGU {N412,500,000.00}, ADERONKE SALAMI {N30,000,000.00}, KOLADE STEPHEN HAMBOLU {N910,000,000.00}, MORAN MARIO MALIK {N200,000,000.00}, GRANTIFF INVESTMENT LIMITED {N1,338,100,000.00}, AFRINVEST ASSET MANAGEMENT LIMITED {N1,000,000,000.00}, GLOBAL STONECREST BUREAU DE CHANGE {N30,000,000.00}, HOLLANDPARK BUREAU DE CHANGE {N25,000,000.00}, ALSTOM MATRIX LIMITED {N50,000,000.00}, MAINSTREET CAPITAL LIMITED {N610,000,000.00}, SUREBIDS LIMITED {N430,000,000.00}, BLUECRAFT GLOBAL STANDARD {N200,000,000.00}, OLUWAKEMI ADENAIKE {N122,500,000.00}, TITI AGBAJE {N118,800,000.00}, JAPHETH UDOM {N138,000,000.00}, SHADE KELEKO {N111,000,000.00}, MOSUNMOLA AKINYANJU {N94,160,000.00}, TEMITOPE OGUNJOBI {N91,500,000.00}, IKECHUKWU ILOGHALU {N88,000,000.00}, URITUS CONSULT CAPITAL LIMITED {N60,000,000.00}, JUDITH IJEOMA ORONSAYE {N55,000,000.00}, EMMANUEL STEPHEN AYEGBA {N42,000,000.00}, OLUDARE OLADOYE {N24,000,000.00}, OMOTAYO LAWAL {N20,000,000.00}, BOSOLA MARTINS {N10,000,000.00}, OLUGBENGA ORESANYA {N8,000,000.00}, OYEBODE OSHOBI {N7,000,000.00}, SEGUN IYANDA {N5,000,000.00}, DIPO ILUYOMADE {N2,700,000.00}, KEMI MORAKINYO {N1,000,000.00}, BUNMI OSHOBI {N500,000.00}, HENRIETTA KADIRI {N540,000,000.00}, OMAMIKE EYENIKE {N6,500,000.00}, CAXTON OLUMIDE OHIOMOBA {N40,000,000.00}, TENNYSON EMUOBONUVIE {N100,000,000.00}, ADESINA OLAIDE ADEDEJI {N172,000,000.00}, PRISTINE DEVELOPMENT COMPANY {N50,000,000.00}, SANDRA ONYEDIKA YOROH {N76,000,000.00}, CAROLINE OSEROGHENE EDEH {N200,000,000.00}, RITA UCHE-NNOKA {N10,000,000.00}, ONYEDIKACHI KELLY-KANU {N14.000,000.00}, OBISESAN IFEDOLAPO {N56,600,000.00} upon the maturity of the respective investments and the accrued return on investments thereon.
4. AN ORDER of this Honourable Court mandating, compelling and directing the Defendants to forthwith pay the 18th – 27th Claimants jointly and severally pay the total sum of N3,387,450,000.00 (Three Billion, Three Hundred and Eight-Seven Million, Four Hundred and Fifty Thousand Naira Only) at 10.0% interest per annum being the outstanding investment sums accruing to the 18th – 27th Claimants who are investors; together with all other listed investors, in the 2nd Defendant’s company.