The scheduled trial of Ademola Akinyemi Louis, the Chief Executive Officer of Farmcenta Global Investment Limited, over an alleged N81 million fraud, was stalled on Friday at the Federal High Court in Lagos due to the absence of key parties involved in the case.
Justice Ambrose Lewis-Allagoa, who is presiding over the matter, could not proceed with the trial as neither the prosecution counsel, Justine Enang, nor the defence team, nor the defendant himself were present in court.
Although the case was listed as number eight on the court’s cause list, it was not mentioned for hearing throughout the day.
No official reason was given for the absence of both legal representatives and the defendant.
Louis, who was arraigned in June 2024 by the Police Special Fraud Unit (PSFU) based in Ikoyi, Lagos, is facing a four-count charge bordering on conspiracy and obtaining money under false pretence, contrary to the Advance Fee Fraud and Other Related Offences Act.
According to the charge, the defendant and his company, Farmcenta Global Investment Limited, allegedly conspired with others at large between August and September 2020 to defraud unsuspecting investors of a total of N81,030,000.
A breakdown of the alleged fraudulent transactions includes N20,430,000 from Mr Imeh Jimmy Ikpaisong, N12,300,000 from Ms Kate Ichiko, and N48,300,000 from Mrs Lolo Mari George.
The funds were purportedly collected under the guise of investing in rice farming, palm oil, and cattle farming ventures.
The charge stated that the funds were paid through Paystack Checkout and deposited into Wema Bank accounts operated by the defendant: 7270261917, 7270243089, and 7270210159.
It was further alleged that Louis promised his victims returns on their investments as part of a joint venture partnership, but failed to honour the agreement.
Instead, he was accused of diverting the funds for his benefit, a representation that the prosecution claims he knew to be false.
At his arraignment, Louis pleaded not guilty to all charges and was granted bail in the sum of N100 million on 17 July 2024. He has been on bail pending the commencement of the trial.
The offences are punishable under Section 1(3) of the Advance Fee Fraud and Other Related Offences Act No. 14 of 2006, according to the prosecution.
A new trial date is expected to be announced by the court registrar.
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