The trial of Bamise Ajetunmobi, an alleged Ponzi scheme operator accused of defrauding Nigerian investors of N7.5 billion, has commenced at the Federal High Court in Lagos.
Ajetunmobi is standing trial alongside his company, Imagine Global Solutions Limited.
His wife, Elizabeth Ajetunmobi, who was jointly charged, is currently at large. They are facing a 12-count charge bordering on conspiracy, obtaining money by false pretence, and fraud.
The defendant was initially arraigned in 2023 before Justice Chukwujekwu Aneke by the Force Criminal Investigation Department (ForceCID), Alagbon-Ikoyi.
But the case is now being prosecuted by the office of the Attorney-General of the Federation (AGF), with Mrs. Kehinde Bode-Ayeni leading the prosecution.
According to the prosecution, Ajetunmobi and his wife lured victims into investing with a promise of 10 per cent monthly returns on investment.
Some of the alleged victims and the sums they reportedly lost include Mr Olawale Lawal (N1.5 billion), Mrs Kate Omu (N500 million), Mr Erhi Catherine Ojoboh (N2 billion), and Mr Abioye Idris (N3.5 billion).
The offences, the prosecution argued, contravened sections of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
At the resumed hearing of the matter, Bode-Ayeni told the court that the defendant had failed to honour his earlier commitment to settle the matter out of court, prompting her to proceed with the trial.
However, the defence counsel, Dr. B. U. Ikpenwa, pleaded for additional time to explore the possibility of a settlement.
Justice Aneke permitted the trial to proceed while leaving the door open for a future settlement.
The prosecution’s first witness, Oluyemi Oyewole, a lawyer and director at DLA Piper Africa, told the court that he was persuaded to invest N100 million in the scheme between April and May 2021.
He testified that he became suspicious in August of the same year when payments were delayed, and Ajetunmobi appeared to be living lavishly, buying expensive cars, acquiring properties, and frequently travelling.
Oyewole also recounted learning from media reports that Ajetunmobi had attempted to flee Nigeria but was stopped from entering an offshore island and eventually arrested in the Ivory Coast.
The case has been adjourned until September 26, 2025, for further hearing.
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