Court Remands Fund Managers Over N891m Capital Market Investment

Image

By Aduragbemi Omiyale

Two fund managers, Mr Solomon Edet Solomon and Mr Zakari Haruna, have been remanded in Suleija Correctional Centre after they were arraigned for collecting about N891 million from members of the public through an unregistered investment company, Vektr Capital Global Group, contrary to the laws of Nigeria.

They were brought before Justice Zainab Abubakar of the Federal High Court, Court 4, Abuja, after the Securities and Exchange Commission (SEC) sealed up the Wuse Zone 5 office of Vektr Capital in March 2022 on suspicions of illegally collecting money from the investing public.

At the court, after the four-count charge was read to the suspects, Justice Abubakar fixed March 16, 2023, for the commencement of the trial.

In the charges, the defendants were alleged to have, on or between the years 2021 and 2022 within the jurisdiction of the court with intent to defraud, conspired amongst themselves together with one Kayode Sal Viktor and other staff to obtain the sum of over N891,729,000 from investing public, including Cordelia Ukomaka Ducke Eze and others under the false pretence that they were fund managers which you are not and thereby committed an offence contrary to Section 8 of the Advanced Fee Fraud and Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.

“That you, M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this court, did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer a subscription to an unregistered collective investment scheme valued over N891,000,000 to investing public, including Cordelia Ukomaka Ducke Eze 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, M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this court, did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer a subscription to an unregistered collective investment scheme valued over N891,000,000 to investing public, including Cordelia Ukomaka Ducke Eze and others and thereby committed an offence contrary to and punishable under Section 54 of the Investments and Securities Act, 2007,” the charge stated.

When the bail application came up for determination, the Justice said she had not been convinced, going by the affidavit that the accused will attend court to attend the trial and not jump bail.

Earlier, counsel to Mr Solomon urged the court to grant the defendant bail, stating that the defendant is only an employee of the company and not the owner.

However, Justice Abubakar declined to say that being an employee of the company is not enough for her to grant him bail but told the counsel that she needs to be convinced that if the defendant is granted bail, he will be available to attend the hearing and not jump bail.

“You know the provisions of the Administration of Criminal Justice on bail applications. He must meet those considerations. Show me in your affidavit of support where all these conditions have been listed as met to give me the assurance that the second defendant will at all times attend this trial in person. If I grant him bail based on what you have submitted, will I not be seen to be reckless as a judge?

“Granting bail is a discretionary power, and you must earn it; you must convince me. So many people jump bail cases will come up, and it cannot go on because the person has jumped bail. If you convince me because your conviction is on oath, I believe you. My concern is what you depose in your affidavit. I cannot, on the basis of this deposition, grant this person bail, and I cannot.

“According to Section 160, paragraph 8F, the applicant must have these facts in his affidavit to convince the court to grant him bail. If I grant bail and he decides to jump bail tomorrow, anyone that sees this application will say he did not commit himself,” she said.

Justice Abubakar stated that there are no vital assurances to convince the court to grant the defendant bail as contained in Section 160 of the Criminal Administrative Justice Act 2013 and enumerated in Paragraph 8f of the said Act, emphasising that It is important that the deposition must contain that vital information to convince and assure the court to grant the second defendant bail.

She subsequently ruled saying, “In the absence of this, this court cannot grant the second defendant bail. Accordingly, bail is refused”.

On the third defendant Mr Haruna, the judge stated that based on the propositions contained in the application submitted to the court for bail, particularly paragraphs 12-17, the court is inclined to grant bail to him.

“Accordingly, bail is granted to the third applicant in the sum of N100 million and one surety in the like sum. The surety must be a responsible, reputable person in the society as deposed to in the affidavit; the surety must own a landed property within the jurisdiction of this court whose title documents must be deposited with the Deputy Chief Registrar Litigation of this court after due verification.

“Both the third defendant and the surety must deposit two copies of their recent passport photographs with the Deputy Chief Registrar Litigation of this honourable court. The defendant must also deposit his international Passport with the Deputy Chief Registrar Litigation of this court. Bail is granted; those are the only conditions imposed”.

“Both the Second and Third defendants are to be remanded in Suleija Correctional Centre. A remand of the third defendant at the Suleija Correctional Centre is pending when he fulfils his bail conditions. Anytime he fulfils his bail conditions, he is free to go and enjoy his day,” Justice Abubakar stated.

Share
Related Stories
Image
15-March-2024

Nigeria’s Inflation for February 2024 Jumps 31.70%

By Aduragbemi Omiyale The inflation rate in Nigeria increased by 31.70 per cent in February 2024, the National Bureau of Statistics (NBS) said in a report on Friday. This is 1.80 per cent higher than the 29.90 per cent recorded in January 2024, the agency’s Consumer Price Index (CPI) for February 2024 released this afternoon noted. The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living. In the report on Friday, the NBS said on a year-on-year basis, the headline inflation rate was 9.79 per cent higher than the

Image
15-March-2024

Naira Appreciates to N1,608/$1 at NAFEM, N1,605/$1 at Parallel Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday by 0.4 per cent or N6.96 to close at N1,608.98/$1 versus Wednesday’s closing rate of N1,615.94/$1. However, it performed badly against the British Pound Sterling during the session by N30.27 to trade at N2,066.33/£1 compared with the midweek’s value of N2,036.06/£1, and against the Euro, the Nigerian currency depreciated by N26.08 to settle at N1,766.62/€1 versus the N1,740.54/€1 it traded a day earlier. During the trading day, the value of foreign exchange (FX) transactions slightly went down by 2.1

Image
18-March-2024

NASD Exchange Loses 4.4% in 11th Trading Week of 2024

By Adedapo Adesanya The 11th trading week of 2024 at the NASD Over-the-Counter (OTC) Securities Exchange ended on a bad note after a week-on-week loss of 4.4 per cent, the third consecutive week. Recall that the first eight trading weeks of the year were bullish at the alternative stock market, but things turned the other direction from Week 9 and have remained so, reducing the market capitalisation of the bourse by N65 billion to N1.404 trillion from the N1.469 trillion it closed in Week 10. In the same vein, the NASD Unlisted Security Index (NSI) went down by 105.96 points

More Stories
Image
23-February-2017

NNPC Achieves 71% Savings in Deep Offshore Rig-rate

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has renegotiated its deep offshore rig-rate from a staggering $580,000 to $164,000 per day, saving the country a 71.7 per cent cost of executing a similar operation in the past. Similarly, the corporation has achieved a 35 percent downward review of rig rates per day for both swamp and land operations in its portfolios. A rig rate is a major cost element incurred by an Exploration and Production (E&P) company in the course of drilling for oil or gas in deep offshore, shallow offshore, swamp, land areas or basins. Speaking today

Image
24-February-2022

10 More Millionaires Emerge in Fidelity Bank GAIM 5 Promo

By Modupe Gbadeyanka Ten additional customers of Fidelity Bank Plc have become millionaires in the financial institution’s Get Alert in Millions Season 5 (GAIM 5) promo. The new millionaires emerged in the third monthly draw held in Lagos on Tuesday, February 22, 2022, with officials of regulatory organisations in attendance like Ms Oyinkan Kusamotu, Senior Legal Officer, Lagos State Lotteries & Gaming Authority; Genevieve Nwaoche of the National Lottery Regulatory Commission; and Onifade Abiodun of the Federal Competition and Consumer Protection Commission. Launched in November 2021, the Fidelity Bank GAIM 5 promo rewards customers for maintaining a savings account with

Image
06-April-2018

Focus Labs: Nigeria Ready to do Business—Osinbajo Assures Investors

By Dipo Olowookere Vice President, Professor Yemi Osinbajo, has informed both local and foreign investors that “Nigeria is ready to do business,” assuring them that they no longer have to worry about “additional burden of bureaucratic delays and problems of various kinds” that used to scare them away in the past. Mr Osinbajo made this assurance at the mid-lab syndication for the Economic Recovery and Growth Plan (ERGP) Focus Labs held at the Sheraton Hotels, Abuja, on Thursday, April 5, 2018. The Vice President, who described the lab as “very unique”, said he was “thoroughly impressed” with what he had

Image
09-June-2022

Is Nigeria Missing Out on Higher Oil Prices?

By Lukman Otunuga Brent crude has gained roughly 57% since the start of 2022. The global commodity remains supported by ongoing geopolitical risks and rising demand. As oil producers enjoy the rich bounties from surging commodity prices, some countries have failed to make the most of such an opportunity. Nigeria’s sub-optimal oil production, poor infrastructure, and fuel subsidies have sapped the benefits of surging oil prices. For other countries, the rally in oil prices means more foreign exchange reserves, higher revenues, and potential economic growth. In Nigeria’s case, this blessing could turn into a curse. It is widely known that

Image
18-May-2022

Stocks Shed 0.35% as Flour Mills, GSK, Others Fall

By Dipo Olowookere Profit-taking continued on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, with the bourse shedding 0.35 per cent at the close of transactions. The decline occurred amid a resurgence of negative investor sentiment as the market breadth was bearish with 21 price gainers and 27 price losers led by Flour Mills, which fell by 9.20 per cent to N37.00. GlaxoSmithKline went down by 8.39 per cent to N6.55, NPF Microfinance Bank dropped 8.02 per cent to N1.95, Japaul depreciated by 6.25 per cent to 30 kobo, while Champion Breweries slacked by 6.09 per cent to

Image
02-April-2021

IBEDC Assures Customers Hitch-Free Services During Easter

By Dipo Olowookere Electricity consumers under the coverage areas of the Ibadan Electricity Distribution Company (IBEDC) Plc have been assured of hitch-free services during the Easter celebration. From Friday, April 2 to Monday, 5, 2021, Christians in Nigeria will join their counterparts across the globe to celebrate the death and resurrection of Jesus Christ. During these days, they will be at home as the federal government has declared Friday and next Monday as public holidays. To enjoy the holidays, the management of IBEDC, which covers Oyo, Ogun, Osun, Kwara and parts of Niger, Ekiti and Kogi States, has promised that

Image
15-May-2020

FG Approves Marginal Oil Fields Licensing

By Adedapo Adesanya President Muhammadu Buhari has approved the conduct of marginal oil field licensing bid round before the end of the year. This was made known by the Minister of State for Petroleum Resources, Mr Timipre Sylva, on Thursday in Abuja. The Minister said that the rounds will be held after issues surrounding the fiscals and other processes had been addressed. Business Post had reported that the federal government plans to auction small oil fields this year to raise funds in the midst of the crisis facing the oil market in terms of price and demand. The Minister yesterday

Image
22-October-2019

Tiameetup Conference Backs Financial Inclusion Driven by Investment

By Adedapo Adesanya The need to elevate the Nigerian financial markets ecosystem to drive increased domestic and foreign investments which would serve as a catalyst for economic growth through financial inclusion was the premise around the 3rd Annual Tiameetup Conference held on Wednesday, October 16, 2019 in Lagos. The event, organized by Trendonomics, was themed Financial Inclusion: Increasing Market Depth and Breadth and was held at the Nigerian Stock Exchange (NSE). It saw leading industry experts, traders, investors, and analysts cover issues around the Nigerian economy to identify necessary opportunities and gain in-depth insights into how there can be expansion

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry