Justice O.A. Okunuga of the Lagos State High Court sitting in Ikeja has sentenced one Ajanaku Oluwatomilola to three years imprisonment for defrauding unsuspecting investors of N14.5 million in a bogus investment scheme.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, re-arraigned Oluwatomilola on April 14, 2024, on a six-count charge bordering on stealing, obtaining money and property by false pretence, and unlawful retention of funds.
According to the EFCC, “Oluwatomilola, trading under the name Yenniegoldie Signature, collected a total of N14.5 million from petitioners in 2021 under the guise of investing the money and promising attractive returns within three months.”
However, after only two months, the convict failed to remit any returns as promised and allegedly cut communication with the investors. EFCC investigations further revealed that the defendant had no license to operate any form of investment or capital market activity.
One of the charges read in court stated:
“That you, Ajanaku Oluwatomilola, trading under the name and style of Yenniegoldie Signature, sometime in 2021 in Lagos, with intent to defraud, stole and dishonestly converted to your own use the sum of N5,000,000 property of Truetalk Telecom Services, thereby committing an offence contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”
The EFCC prosecution team, led by F. Ofoma, called four witnesses during the trial, including investigative officer Christopher Ameh and the affected petitioners, to testify against the accused.
Although Oluwatomilola pleaded not guilty at the time of arraignment, the trial proceeded, and she was ultimately found guilty on three counts of stealing.
Delivering judgment, Justice Okunuga ruled, “The court finds the defendant guilty on counts of stealing and hereby sentences her to one year imprisonment for each count, totaling three years to run concurrently.”
However, the court discharged her on charges related to obtaining money by false pretence and retention of proceeds.
In a plea for mercy, the defence counsel, O. Ajanaku, described his client as a first-time offender who had shown remorse. “She is ready to make restitution to the victims. We urge the court to temper justice with mercy,” he told the court.
Meanwhile, the EFCC reaffirmed its commitment to prosecuting fraudulent individuals who take advantage of unsuspecting members of the public.
“This conviction serves as a warning to others peddling fake investment platforms. Nigerians must verify the legitimacy of any investment opportunity before parting with their money,” the Commission added in a post via its official X (formerly Twitter) account.
