EFCC Secures Conviction of Woman Over N14.5m Investment Fraud

Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja, Lagos, on Thursday, May 15, 2025, convicted and sentenced Ajanaku Oluwatomilola to three years’ imprisonment for a N14.5 million investment fraud.

Oluwatomilola was re-arraigned by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on April 14, 2024, on a six-count charge bordering on stealing, obtaining money and property by false pretence, and unlawful retention of funds totaling N14.5 million.

According to the EFCC, the offence was committed in 2021 when the defendant received N14.5 million from several petitioners as investment capital, with an agreement that returns would be paid monthly over a three-month period. However, she defaulted after two months and ceased further payments.

Investigations further revealed that the defendant operated without a licence to engage in capital market activities or solicit investments from the public.

One of the charges 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 use the sum of N5,000,000 (Five Million Naira), property of one Truetalk Telecom Services, thereby committing an offence of stealing contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”

The defendant pleaded “not guilty” to all the charges, prompting a full trial. The prosecution, led by counsel F. Ofoma, presented four witnesses, including EFCC investigative officer Christopher Ameh and the petitioners.

In his allocutus, defence counsel O. Ajanaku appealed for leniency, stating that the defendant is a first-time offender and has shown remorse. He also assured the court that restitution would be made to the victims.

In her judgment, Justice Okunuga found the defendant guilty on three counts of stealing and sentenced her to one year imprisonment on each count, to run concurrently. She was, however, acquitted on the counts of obtaining money and property by false pretence, and retention.

The court also ordered her to pay restitution of N6,000,000 to the petitioners.