N18.8bn Investment Fraud: Court Orders Ajetunmobi Couple To Pay 27 Scammed Investors

The Lagos High Court Sitting in Osborne, Ikoyi has delivered judgment in favour of 27 aggrieved Nigerian investors/claimants who were scammed by a Nigerian couple, Bamise and Elizabeth Ajetunmobi who allegedly fled the country after duping them of N18.8 billion.

Justice Toyin Oyekan-Abdullahi ordered the defendants to pay the sum of 18.8bn with interest.

At a previous proceeding, the court had earlier frozen funds and properties of the defendants worldwide as well as all monies standing to their credit.

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

The two firms and the Ajetunmobi couple have been associated with an N18.8bn investment fraud by some aggrieved Nigerian investors who filed the suit before the court.

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

In reaching its judgment today, Justice Oyekan-Abdullahi dismissed all the preliminary objections filed by the defendants, while the court exited CBN from the proceedings.

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 totalling the sum of 18.8 Billion.

The reliefs granted by the court are:

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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.

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.

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