Court adjourns hearing of N10.7 billion Ponzi case till May 27

A Federal High Court, Lagos has adjourned hearing of the N10.7 billion ponzi scheme case till May 27, 2022, following the Police’s inability to re-arrest the 22- year-old defendant, Joshua Adeyinka Kayode.

Trial judge, Nicholas Oweibo, who had at the last adjourned date, on February 18, issued a bench warrant for the arrest of the fleeing defendant, adjourned the case on Friday, as the police is yet to obtain the arrest warrant.

Kayode is standing trial for allegedly defrauding over 270 investors of N10.7 billion through a sham investment scheme. The Police had last August arraigned Kayode before a vacation judge, Tij jani Ringim at the Federal High Court, Lagos.

The defendant was arraigned alongside his company, Quintessential Investment Company Limited on a 170-count charge of conspiracy and obtaining money by false pretence. Later, the main trial judge, Oweibo admitted the defendant to bail in the sum of N2 billion with two sureties in the like sum.

The sureties must be a landed property owners within the court’s jurisdiction and were to depose to affidavit of means. Justice Oweibo also ordered the defendant to deposit his international passport with the Court’s Registrar, while the sureties and the defendant were ordered to deposit their two passport photographs.

The court ordered the prosecutor, Mr. Tijani Williams to verify the bail conditions. Mr. Williams had told the court that the defendant and others now at large committed the offences between July 2020 and March 2021.

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He also told the court that the defendant de- frauded the victims under the pretence of bogus returns on investment. Williams stated that the offences committed by the defendant are contrary to and punishable under section 8(a) and 1(1) (a) and (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006, The Trumpet gathered.

The defendant however pleaded “not guilty” to all counts of the charge. Tijani then urged the court to remand the defendant in the custody of Nigerian Correctional Services (NCoS) pending when his bail application would be heard and determined.

Counsel to the defendant, represented by Mr. Emeka Okpoko (SAN), holding watching brief, did not oppose the prosecutor’s application for remand of the defendant.

Instead, he asked the court for a short date to enable him file the bail application. After listening to the submissions of the parties, Justice Ringim, adjourned the matter to August 11 for hearing of the defendant’s bail application