Alleged N10.8bn Fraud: Court Grants Operator Of Ponzi Scheme N2bn Bail

A Federal High Court sitting in Lagos has admitted the 22 years old man, Joshua Adeyinka Kayode, who allegedly defrauded 170 people to the sum of N10.8 billion, under fake Investiment have been to bail in the sum of N2 billion.

Justice Nicholas Oweibo granted the order on Wednesday sequel to a motion filed and argued by a senior Advocates of Nigeria Emeka Okpoko SAN.

The judge ordered that each surety must be a landed property owner within the court’s jurisdiction, who must depose to an affidavit of means

Justice Oweibo also ordered that the two sureties and the defendant, must deposit two passport photographs with the Court’s Registrar coupled with fact that the defendant deposits his international passport with the Court’s Registrar. 

The judge while adjourning the defendant’s trial till November 10, ordered that all the bail terms must be verified by prosecution and that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS) till the perfection of the bail terms.

Justice Oweibo ruled on the bail application, after taking arguments from the defendant’s counsel, Mr. Emeka Okpoko (SAN) and the prosecutor, Mr. Tijjani Williams.

The defendant alongside his company,  Quintessential Investment Company Limited, were arraigned before the court on August 5, by the men of Force Criminal Investigation Department (ForceCID) Annex, Alagbon-Ikoyi, Lagos, on 170 count charges bordering on conspiracy and obtaining by false pretence.

The prosecutor, Barrister Tijjani Williams, while arraigning the defendant, told the court presided over by Justice Tijjani Ringim that the defendant and others now at large, committed the offences between July 2020 and March 2021.

Williams told the court that the defendant defrauded the victims under the pretence of false multiple returns on investment.

He told the court that the offences committed by the defendant are contrary to and punishable under section 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006. 

But the defendant denied the allegations and pleaded not guilty to all the counts charge.

Following his not guilty plea, the prosecutor, Tijjani, urged the court to remand him in the custody of Nigerian Correctional Services (NCoS), pending when his bail application would be heard and determined.

Counsel to the defendant, Mr. Emeka Okpoku (SAN) did not oppose the prosecutor’s remand application but asked the court for a short date to enable him file the bail application.

Consequently, Justice Tijjani Ringim, adjourned the matter till today, for hearing and determination of the defendant’s bail application. 

Count 1: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020 — 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. 

Count 2: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-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. 

Count 3: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-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. 

Count 4: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020 – March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to 

gee ud, 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. 

Count 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020—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. 

Count 6: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020—March 2021 at Lagos.. within the jurisdiction of this Honourable Court. did with intent to defraud, fraudulently obtained the sum of Eleven Million Naira (N11,000,000.00) from one Uchechukwu gbunonu ‘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. 

Count 7: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020—March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Four Million Naira (N4,000,000.00) from one Daniel Eshiet ‘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. 

Count 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July 2020-March 2021, at Lagos, within the jurisdiction of this Honourable Court. did with intent to defraud, fraudulently obtained the sum of Seven Million Naira (N7,000,000.00) from one Ifabiyi Tobi Emmanuel ‘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. 

Count 164: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to detraud, fraudulently obtained the sum of One Hundred and Thirty Four Million, Five Hundred and Seventy Six Thousand Naira (N134, 576, 000.00) from one Nnamdi Emmanuel ‘m’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. 

Count 167: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Six Million, Seven Hundred and Twenty Six Thousand, Five Hundred and Sixty Two Naira (N6, 726, 562.00) from one Onyiga Damilola ‘f 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. 

Count 168: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Five Hundred Thousand Naira (N500, 000.00) from one Okwuazu Anwulika ‘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 200. 

Count 169: That youJoshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of One Million Naira (N1,000,000.00) from one Florence Adebayo ‘f 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. 

Count 170: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Four Hundred and Thirty Thousand Naira (N430,000.00) from one Esther Eshiet ‘f 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.