EFCC Arraigns Bigibet Promoter, Firm for Alleged N855m Investment Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) on Tuesday, July 8, 2025, arraigned Adepoju Emmanuel Abiodun, promoter of Bigibet and owner of Noblesteed Nigeria Limited, before Justice O.A. Okunuga of the Lagos State High Court sitting in Ikeja.

Abiodun and his company are facing a 10-count charge bordering on stealing and obtaining money under false pretence to the tune of N855 million.

According to the EFCC, Abiodun allegedly approached the complainant in 2021, claiming he was raising capital for a lottery business under Noblesteed Nigeria Limited. He persuaded the petitioner to invest in the company’s equity capital and allegedly assured him of his longstanding experience in the gaming industry.

The petitioner, convinced by these representations, allegedly invested and also facilitated additional investments from other individuals. A total sum of N855,000,000 was allegedly deposited into a bank account controlled by the defendant for the purported capital raise.

However, the defendant reportedly failed to fulfill his promises and also failed to refund the invested funds.

One of the counts reads:
“That you, Mr. Adepoju Emmanuel Abiodun, Noblesteed Nigeria Limited, sometime between June, 2021 and September, 2021 in Lagos, within the Ikeja Judicial Division of this Honourable Court, deceitfully obtained the total sum of N855,000,000.00 (Eight Hundred and Fifty-Five Million Naira) only, from several unsuspecting persons, through your GT Bank Account No. 0591549473, by falsely representing to them that the said amount was an investment for the purchase of Equity Share Capital of Noblesteed Nigeria Limited, which representation you knew to be false, thereby committed an offence of Obtaining money by false pretence contrary to sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No: 14 of 2006.”

The defendant pleaded not guilty to all the charges.

Following the plea, prosecution counsel, A.M. Dambuwa, requested a trial date and prayed the court to remand the defendant in a correctional facility pending the commencement of trial.

Defence counsel, Adeyinka Abdulsalam, informed the court that a bail application had been filed and served on the prosecution.

Justice Okunuga ordered the remand of the defendant at the Ikoyi Correctional Centre and adjourned the matter to July 10, 2025, for hearing of the bail application. The trial was fixed to commence on September 17, 2025.