Alleged N3.2bn Fraud: Court Fixes July 11 for Arraignment of Elixir, Directors
Wale Igbintade
After several adjournments, Justice Yellim Bogoro of the Federal High Court, in Lagos has fixed July 11, 2023 for the arraignment of Elixir Asset Management Limited, Elixir Investment Partners Limited alongside two of their directors over alleged N3.2billion fraud.
The Federal Government had in suit marked FHC/L/68C/23 alleged that the Defendants offered for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3billion to the investing public, including Toyota Nigeria Ltd, Kaduna Industrial and Finance Company and others.
In a four count charge brought against the companies and their Directors, the Defendants are alleged to have committed a felony to wit: with the common intent conspired among themselves together with Samuel Aikhonbare, Christopher Edordu and their other staff to do an illegal act by luring the investing public including Toyota Nigeria Limited and others by offering them an unregistered product called ‘Elixir Treasury Product’ and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
The Defendants are also alleged to have conspired among themselves to do an illegal Act- diversion of Investment funds belonging to the investing public including
Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
“That you Elixir Investment Partners Ltd, Clara-Bittinger Mshelia-Whyte and Sarah Ogbemudia, all of No. 95 Medical Guild Close, V/I Lagos on or between the year 2019 and 2021 within the jurisdiction of this honourable court did commit a felony to wit: diversion of investment funds to the tune of N3, 213,700,150 belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others. You thereby committed an offence contrary to and punishable under section 383 (2) (f) of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act” The Charge stated.
However, the Defendants, Mshelia-Whyte and Ogbemudia failed to honour the court invitation, which made the presiding judge, Justice Yellim Bogoro to grant the request of the counsel from the office of the Attorney General of the Federation, AGF, Moshood Adeyemi, to issue a criminal sermon against the Defendants and set a date for the next appearance for July 11, 2023.
Justice Bogoro held ‘the Court will grant the request of the Prosecution and issue a criminal summon to be served to the Defendants for arraignment. I am rescheduling the next hearing for July 11, 2023’.
On March 1, 2023 a summon charge was issued to the accused to appear for the hearing on March 10, 2023. Unfortunately, the accused persons did not appear at that first hearing which led to the adjournment of the hearing to 9th of May.
Alleged N3.2bn Fraud: Court Fixes July 11 for Arraignment of Elixir, Directors
Wale Igbintade
After several adjournments, Justice Yellim Bogoro of the Federal High Court, in Lagos has fixed July 11, 2023 for the arraignment of Elixir Asset Management Limited, Elixir Investment Partners Limited alongside two of their directors over alleged N3.2billion fraud.
The Federal Government had in suit marked FHC/L/68C/23 alleged that the Defendants offered for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3billion to the investing public, including Toyota Nigeria Ltd, Kaduna Industrial and Finance Company and others.
In a four count charge brought against the companies and their Directors, the Defendants are alleged to have committed a felony to wit: with the common intent conspired among themselves together with Samuel Aikhonbare, Christopher Edordu and their other staff to do an illegal act by luring the investing public including Toyota Nigeria Limited and others by offering them an unregistered product called ‘Elixir Treasury Product’ and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
The Defendants are also alleged to have conspired among themselves to do an illegal Act- diversion of Investment funds belonging to the investing public including
Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
“That you Elixir Investment Partners Ltd, Clara-Bittinger Mshelia-Whyte and Sarah Ogbemudia, all of No. 95 Medical Guild Close, V/I Lagos on or between the year 2019 and 2021 within the jurisdiction of this honourable court did commit a felony to wit: diversion of investment funds to the tune of N3, 213,700,150 belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others. You thereby committed an offence contrary to and punishable under section 383 (2) (f) of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act” The Charge stated.
However, the Defendants, Mshelia-Whyte and Ogbemudia failed to honour the court invitation, which made the presiding judge, Justice Yellim Bogoro to grant the request of the counsel from the office of the Attorney General of the Federation, AGF, Moshood Adeyemi, to issue a criminal sermon against the Defendants and set a date for the next appearance for July 11, 2023.
Justice Bogoro held ‘the Court will grant the request of the Prosecution and issue a criminal summon to be served to the Defendants for arraignment. I am rescheduling the next hearing for July 11, 2023’.
On March 1, 2023 a summon charge was issued to the accused to appear for the hearing on March 10, 2023. Unfortunately, the accused persons did not appear at that first hearing which led to the adjournment of the hearing to 9th of May.
