Legal Nigeria

N10.7b Ponzi scheme: 22-year-old gets N2b bail

By Robert Egbe

A Federal High Court in Lagos yesterday granted bail to a 22-year-old man, Joshua Adeyinka

Kayode, was alleged to have defrauded 170 people of N10.7 billion via a Ponzi scheme.

Justice Nicholas Oweibo admitted Kayode to bail in the sum of N2 billion with two sureties in like sum.

The sureties, the judge said, must be landed property owners within the court’s jurisdiction and must depose to affidavit of means.

The defendant was also ordered to deposit his international passport with the court’s registrar, while he and the sureties must deposit two passport photographs each.

The vacation judge adjourned the case till November 10, for trial.

The proceedings followed Kayode’s arraignment last Thursday by the Force Criminal Investigation Department (Force CID) Annex, Alagbon-Ikoyi, Lagos.

Kayode and his firm Quintessential Investment Company Ltd were arraigned before Justice Tijjani Ringim on a 170-count charge of conspiracy and obtaining money by false pretence.

Prosecution counsel Williams Tijjani told the court that the defendant and others now at large committed the offences between July 2020 and March 2021.