Ovaioza’s Trial for Alleged N2bn Scam Continues July 12

By Aduragbemi Omiyale

The trial of an agric entrepreneur, Ovaioza Yunusa, at the federal high court in Abuja over her involvement in an alleged N2 billion investment scam will continue on Wednesday, July 12, 2023.

Ovaioza was taken to court by the federal government through the Securities and Exchange Commission (SEC) for taking money from the investing public without authorisation from the agency.

She is in court with her organisation, Ovaioza Farm Produce Storage Business (OFPSB), on charges bordering on advanced fee fraud.

Her case was brought before Justice Gladys Olotu on Tuesday, but due to the failure of the defence parties to appear, the presiding judge adjourned the matter to next week.

Ovaioza, Imu Yunusa and Goodness Omeiza, who were also joined in the suit, were accused of operating as fund managers.

In March 2022, SEC sealed their office located at 27 Abeokuta Street, Garki, Abuja, on suspicions of illegally collecting money from the investing public.

In the five-count charge brought against the company and its promoters, they were said to have, on or between 2020 and 2022, within the jurisdiction of the court, committed a felony to wit: with common intent conspired among themselves together with their staff to do an illegal act.

They were alleged to lure and offer for subscription an unregistered collective investment scheme valued over N2 billion to the unsuspecting general public, including Umejiaku Chikodili Crystal, Omolabake Ale, Dr Obi Sandra P., Nnaemeka Franklin Ugwoke, Fonon Ismai­la Malum, Kelechi Anayo, Nkiru Onyima, and others.

“That you, Imu Yunusa, Good­ness Omeiza and Ovaioza Farm Produce Storage Business, all of house No. 27 Abeokuta Street, Area 8 Garki, on or between the year 2020 and 2022 within the jurisdiction of this court did commit a felony to wit: lured and offered for subscrip­tion an unregistered collective investment scheme valued over N2 billion to the unsuspecting general public including Umejiaku Chikodili Crystal, Omolabake Ale, Dr Obi Sandra P., Nnaemeka Franklin Ugwoke, Fonon Ismaila Malum, Kelechi Anayo, Nkiru Onyima, and others. You thereby committed an offence contrary to and punishable un­der Section 54 of the Investments and Securities Act, 2007.

“That you, Imu Yunusa, Goodness Omeiza and Ovaioza Farm Produce Storage Business, all of house No. 27 Abeokuta Street, Area 8 Garki, on or between the year 2020 and 2022 within the jurisdiction of this court did commit a felony to wit: conspiracy of forming a common intention amongst yourselves together with your staff to do an illegal act – diversion of investment funds valued over N2 billion belonging to the investing public including, Umejiaku Chikodili Crystal, Omolabake Ale, Dr Obi Sandra P., Nnaemeka Franklin Ugwoke, Fonon Ismaila Malum, Kelechi Anayo, Nkiru Onyima, and others. You thereby committed an offence contrary to and punishable under Section 516 of the Criminal Code Act, laws of the Federation of Nige­ria, 2004,” two of the charges read.