Court Issues Bench Warrant In N10.7 Billion Ponzi Case

The Federal High Court sitting in Lagos has issued a bench warrant for the arrest of one Joshua Adeyinka Kayode, a 22-year-old defendant who is standing trial for allegedly defrauding over 170 investors of N10.7 billion through a sham investment scheme.

The Nigeria Police Force had last August arraigned Kayode before Justice Tijjani Ringim of the Federal High Court. The defendant was arraigned alongside his company, Quintessential Investment Company Limited on a 170-count charge of conspiracy and obtaining money by false pretence.

However, when the matter came up last Friday before Justice Nicholas Oweibo, the defendant was absent. This led the judge to issue a bench warrant for the arrest of the defendant. The matter was adjourned to March 25, 2022.

It is recalled that Justice Oweibo had 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 2 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. He also told the court that the defendant defrauded 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 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, Mr. Emeka Okpoko (SAN) did not oppose to 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. He also ordered that the defendant be remanded in the custody of the Nigerian Correctional Services pending the hearing and determination of his bail application.

Kayode was earlier arrested by operatives from the Police Special Fraud Unit (PSFU) following a complaint by one of the investors but allegedly absconded upon release on administrative bail. He was however re-arrested by a crack team from the Force Criminal Investigation Department (ForceCID) Annex, Alagbon-Ikoyi, Lagos.

COUNT 1: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investment 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 Investment 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 (#1, 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 Investment 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 Investment Company Limited and others now large between July, 2020 – March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to 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 Investment 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 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 Investment 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 ‘m7’ 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 Investment 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 Investment 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 Investment 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 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 Investment 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 Investment 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 you Joshua Adeyinka Kayode ‘M’, Quintessential Investment 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 Investment 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.