Law

Court remands man in prison over N10.8bn fraud

Justice Tijjani Ringim of a Federal High Court in Lagos has ordered the remand of a 23-year-old man, Joshua Adeyinka Kayode, in the custody of Nigerian Correctional Service for allegedly defrauding about 170 individuals of N10.8 billion under a fake investment scheme.

 

The remand order was sequel to Kayode’s arraignment on a 170-count charge of conspiracy and obtaining money by false pretence by the police. He was docked alongside his firm, Quintessential Investment Company Limited.

 

Upon his arraignment, Kayode denied the alleged offences following which the police prosecutor, Williams Tijjani, sought his remand in prison pending the hearing of his bail motion.

Reacting, defence lawyer, Emeka Okpoko (SAN) while not opposing the prosecutor’s remand request asked for a short adjournment to enable him file his client’s bail motion.

 

After listening to the submission of parties, Justice Ringim fixed August 11 as the date for the hearing of the defendant’s bail motion. While adjourning the matter, the judge ordered that Kayode should be remanded in the custody of Nigerian Correctional Service.

 

In the charge, the police alleged that the defendant and others now at large, committed the offences between July 2020 and March 2021. Kayode and others were said to have defrauded the victims under the pretence of false multiple returns on investment.

The offences were said to be 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.

 

Some of the counts against the defendants reads: “That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July 2020 and March 2021 at Lagos, within the jurisdiction of this Honourable Court, did conspire among yourselves to commit felony to wit: obtaining money by false pretence and thereby committed an offence punishable under Section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

 

“That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July 2020 and March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of One Billion and Eight Million Naira (N1, 800, 000,000.00) from one, Oladapo Abiola ‘m’ (Voltal Golbal Capital Investment Company) under the pretence of investing same, a representation you knew to be false and thereby committed an offence contrary to Section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

 

“That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July 2020 and March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Seventy million naira (N70, 000, 000. 00) from one, Akande Solomon Odafe ‘m’ under the pretence of investing same, a representation you knew to be false and thereby committed an offence contrary to Section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

 

“That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July 2020 and March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Thirty Million Naira (N30,000,000.00) from one, Umara Ibrahim Adubi ‘M’ under the pretence of investing same, a representation you knew to be false and thereby committed an offence contrary to Section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

 

“That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July 2020 and March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to detraud, fraudulently obtained the sum of Four Hundred and Ninety One Million Naira (N491,000,000.00) from one, Olarinde Tolulope ‘F’ under the pretence of investing same, a representation you knew to be false and thereby committed an offence contrary to Section I(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006”.

 

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