Edge's News: Joshua Adeyinka Kayode of Quintessential Investment Company Limited has Granted a N2bn Bail…

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N10.8bn Fraud: Court Grants Ponzi Operator N2bn Bail


The allegation against Joshua Adeyinka Kayode ‘M’, Quintessential Investment Company Limited and others now large alleged that between July 2020 — March 2021 at Lagos, within the jurisdiction of this Honourable Court, did conspire among yourselves to commit felony to wit: Obtaining Money by False Pretence and thereby committed an offence punishable under section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act 2006’’.


However, the defendant denied all the allegations and pleaded not guilty. The case has been adjourned till November 10, 2021, for trial.


Justice Nicholas Oweibo of the Lagos Federal High Court, yesterday granted bail to 22-year-old, Joshua Adeyinka Kayode, who allegedly defrauded 170 people of the sum of N10.8 billion under fake investment. He was admitted to bail in the sum of N2 billion with two sureties in the like sum.


Justice Oweibo also ordered that each of the sureties must own a landed property within the jurisdiction of the court, and must depose to an affidavit of means. The judge also ordered that the two sureties and the defendant must deposit two passport photographs with the Court’s Registrar and that the defendant must deposit his international passport with the Court’s Registrar.


Besides, the judge directed the prosecutor to verify all the bail terms and that the defendant should be remanded in the custody of the Nigerian Correctional Services (NCoS) till the perfection of the bail terms.


Justice Oweibo ruled on the bail application, after taking arguments from the defendant’s counsel, Mr. Emeka Okpoko (SAN) and the prosecutor, Mr. Tijjani Williams. The defendant alongside his company, Quintessential Investment Company Limited were arraigned on August 5, by the men of Force Criminal Investigation Department (Force CID) Annex, Alagbon-Ikoyi, Lagos, on 170 count charges bordering on conspiracy and obtaining by false pretence.

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