Ponzi scam: Judge sets May 4 for arraignment of Ovaioza, others
Justice Inyang Ekpo of the Federal High Court, Court 7, Abuja has set May 4, 2023 for the commencement of trial of Ovaioza Farm Produce Storage Business Limited along with Imu Yunusa and Goodness Omeiza on allegations bordering on operating as fund managers without registration by the Securities and Exchange Commission among others.
The SEC had in March 2022 sealed up the 27 Abeokuta Street, Garki Abuja office of the company on suspicions of illegally collecting money from the investing public to the tune of N2b while not registered with the Commission.
In the five count charge brought against the company and its promoters by the Federal Republic of Nigeria, they are alleged to have on or between the year 2020 and 2022 within the jurisdiction of the honourable court did commit a felony to wit: with common intent conspired among themselves together with their staff to do an illegal act – to lure and offer for subscription an unregistered collective investment scheme valued over N2b to the unsuspecting general public including Umejiaku Chikodili Crystal, Omolabake Ale, Dr. Obi Sandra P., Nnaemeka Franklin Ugwoke, Fonon Ismaila Malum, Kelechi Anayo, Nkiru Onyima, and others.
“That you Imu Yunusa, Goodness Omeiza and Ovaioza Farm Produce Storage Business; all of house No. 27 Abeokuta Street, Area 8 Garki, on or between the year 2020 and 2022 within the jurisdiction of this honourable court did commit a felony to wit: lured and offered for subscription an unregistered collective investment scheme valued over N2b to the unsuspecting general public including Umejiaku Chikodili Crystal, Omolabake Ale, Dr. Obi Sandra P, Nnaemeka Franklin Ugwoke, Fonon Ismaila Malum, Kelechi Anayo, Nkiru Onyima, and others. You thereby committed an offence contrary to and punishable under Section 54 of the Investments and Securities Act, 2007.
“That you Imu Yunusa, Goodness Omeiza and Ovaioza Farm Produce Storage Business; all of house No. 27 Abeokuta Street, Area 8 Garki, on or between the year 2020 and 2022 within the jurisdiction of this honourable court did commit a felony to wit: conspiracy of forming a common intention amongst yourselves together with your staff to do an illegal act – diversion of investment funds valued over N2b belonging to the investing public including, UmejiakuChikodili Crystal, Omolabake Ale, Dr. Obi Sandra P., Nnaemeka Franklin Ugwoke, Fonon Ismaila Malum, Kelechi Anayo, Nkiru Onyima, and others. You thereby committed an offence contrary to and punishable under Section 516 of the Criminal Code Act, laws of the Federation of Nigeria, 2004.
The defendants are also alleged to have committed offences contrary to Section 383 (2) (f) of the Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act.
