Lagos High Court Sentences Ajanaku Oluwatomilola to Three Years Imprisonment Over N14.5 Million Fraud

 

In a case that has shocked many Nigerians and highlighted the importance of regulatory compliance in investment dealings, the Lagos State High Court in Ikeja, under the judgment of Justice O. A. Okunuga, has convicted and sentenced one Ajanaku Oluwatomilola to three years imprisonment for her involvement in a N14.5 million fraud. This judgment brings to light the growing concerns about unlicensed investment schemes and their devastating impacts on unsuspecting victims.

Background of the Case

The defendant, Ajanaku Oluwatomilola, who operated under the business name Yenniegoldie Signature, was initially arraigned by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on April 14, 2024. She faced a six-count charge that bordered on stealing, obtaining money and property under false pretences, and unlawful retention of funds—charges which collectively totaled a staggering ₦14.5 million.

According to investigations and court proceedings, the fraudulent activities of Ajanaku Oluwatomilola date back to 2021, when she approached several individuals and companies seeking investment capital. Under the pretense of offering a legitimate business opportunity, she received a cumulative sum of ₦14.5 million from multiple victims, promising a structured return on investment (ROI) over a period of three months.

However, she reneged on the agreement after only two months, failing to deliver on the promised returns. This led to suspicion and eventually to a formal petition filed with the EFCC by some of the defrauded parties.

Details of the Fraudulent Activity

One of the key counts brought against Oluwatomilola reads:

"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, the sum of ₦5,000,000 (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."

This count, among others, laid the foundation for the eventual conviction.

Lack of Regulatory Approval

During the trial, the EFCC, through its investigations, discovered that the defendant did not possess a valid licence to conduct capital market operations or solicit investment funds from members of the public. This contravention of established financial regulations meant that her investment offerings were illegitimate and unlawful from the outset.

Why Regulatory Approval Matters

In Nigeria, any individual or company seeking to operate within the financial investment sector must obtain appropriate licences from regulatory bodies such as the Securities and Exchange Commission (SEC). This ensures transparency, accountability, and protection for investors. Operating without such a licence, as in the case of Oluwatomilola, not only violates the law but also puts investors at serious financial risk.

Court Proceedings and Testimonies

The case was presented in court with F. Ofoma, counsel for the prosecution, leading the charge. The prosecution called four key witnesses, which included:

• Petitioners who were directly defrauded

• Christopher Ameh, an EFCC investigative officer

Each witness provided crucial evidence that detailed how Oluwatomilola received funds under false pretences and how she failed to fulfill her promised obligations.

Despite the overwhelming evidence, the defendant pleaded “not guilty” to all charges. However, this plea did not deter the court from proceeding with the trial, which lasted several months.

Defense Plea for Leniency

The defense counsel, O. Ajanaku, acknowledged the wrongdoing but appealed to the court for leniency. He stated:

“The convict is a first-time offender and he is remorseful.”

Further, he assured the court that efforts would be made to ensure restitution is paid to the nominal petitioners.

This plea was likely taken into account by the court in determining the final sentence.

Final Judgment by Justice Okunuga

Delivering the judgment on Thursday, May 15, 2025, Justice O. A. Okunuga ruled that Ajanaku Oluwatomilola was guilty on three counts of stealing. Consequently, she was sentenced to one year imprisonment on each count, amounting to a total of three years in prison.

Interestingly, she was discharged on the remaining counts, which included obtaining money and property under false pretence and retention of illegally obtained funds.

In addition to the prison sentence, Justice Okunuga ordered restitution, stating that the convict must repay the sum of ₦6,000,000 (Six Million Naira) to the petitioners.

This restitution, while not the full amount initially defrauded, represents an effort by the court to offer partial justice to the victims.

Analysis and Key Takeaways

1. Fraudulent Investment Schemes in Nigeria

This case is a grim reminder of the rise in fraudulent investment schemes in Nigeria. As the economy remains challenging, many Nigerians seek alternative ways to grow their money. Unfortunately, this makes them easy targets for scammers who promise quick returns on investments.

2. Importance of Due Diligence

Investors are encouraged to verify the legitimacy of any financial opportunity before committing funds. Always check for:

• SEC registration

• Business address verification

• Online reputation and reviews

• Past client testimonials

3. Legal Consequences for Fraudsters

The sentencing of Ajanaku Oluwatomilola underscores the serious legal consequences of financial fraud in Nigeria. With the EFCC actively prosecuting such cases, would-be scammers should take note that the era of impunity is ending.

4. Role of the EFCC

The Economic and Financial Crimes Commission (EFCC) continues to play a crucial role in fighting financial crimes across Nigeria. Their swift action and thorough investigation in this case led to a successful prosecution and served as a deterrent to others.

Final Thoughts

At NaijaRush, we stand firm in our commitment to educating Nigerians about financial literacy, legal updates, and real-time developments in the justice system. The conviction of Ajanaku Oluwatomilola should serve as a wake-up call—not just for fraudsters, but also for everyday Nigerians to be more vigilant and informed.

If you or someone you know has been a victim of a similar fraudulent scheme, do not remain silent. Report to the EFCC, and seek legal advice immediately.

Stay Informed, Stay Safe

For more updates on Nigerian court news, fraud prevention tips, and justice system reviews, follow NaijaRush.com.