Justice O.A. Okunuga of the Lagos State High Court sitting in Ikeja has convicted and sentenced one Ajanaku Oluwatomilola to three years imprisonment for her involvement in a N14.5 million investment fraud.
Oluwatomilola was prosecuted by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on a six-count charge bordering on stealing, obtaining money and property by false pretence, and retention of proceeds of crime.
She was re-arraigned on April 14, 2024, and had pleaded “not guilty” to the charges.
According to the EFCC, sometime in 2021, the convict fraudulently received the sum of N14.5 million from several victims under the guise of investing the funds for high returns. It was agreed that the return on investment would span a three-month period. However, Oluwatomilola defaulted after just two months and failed to remit the expected returns.
Investigations revealed that the convict had no license to solicit or receive investment funds from the public, nor was she authorised to conduct any form of capital market operations.
One of the counts read:
“That you, Ajanaku Oluwatomilola, trading under the name and style of Yenniegoldie Signature, sometime in 2021 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, stole and dishonestly converted to your own use the sum of N5,000,000 (Five Million Naira), property of one Truetalk Telecom Services, thereby committed an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”
During the trial, EFCC counsel F. Ofoma presented four witnesses, including Christopher Ameh, an EFCC investigative officer, as well as several of the petitioners.
While delivering judgment, Justice Okunuga found Oluwatomilola guilty on three counts of stealing and sentenced her to one year imprisonment on each count, to run concurrently.
She was, however, discharged on the counts of obtaining by false pretence and retention of proceeds of crime.
In a plea for leniency, her defence counsel, O. Ajanaku, urged the court to temper justice with mercy, stating that the convict was a first-time offender and had shown remorse. He also gave assurances that efforts would be made to refund the victims.
Justice Okunuga, while noting the gravity of the offence, also ordered the convict to make restitution in the sum of N6 million to the victims.
Leave a Comment