Accused Ponzi Scheme Operator Discharge Over N2b Bail

Joshua Adeyinka Kayode, a 22-year-old man accused of defrauding 170 individuals out of N10.8 billion through a ponzi scheme scam, was granted bail in the sum of N2 billion on Wednesday by Justice Nicholas Oweibo of the Federal High Court in Lagos, with two sureties in the same amount.

Each of the sureties must also own a landed property within the court’s jurisdiction and attest to an affidavit of means, according to Justice Oweibo.

The judge further ordered that the two sureties and the defendant each provide two passport images to the Court’s Registrar, as well as the defendant’s international passport.

The judge ordered that the prosecutor verify all of the bail requirements and that the defendant be placed in the custody of the Nigerian Correctional Services (NCoS) until he completes his bail terms while adjourning the defendant’s trial until November 10.

After hearing arguments from the defendant’s attorney, Mr. Emeka Okpoko (SAN), and the prosecution, Mr. Tijjani Williams, Justice Oweibo issued his decision on the bail application.

On August 5, the defendant and his firm, Quintessential Investment Company Limited, were charged with 170 counts of conspiracy and obtaining by false pretence by the men of Force Criminal Investigation Department (Force CID) Annex, Alagbon-Ikoyi, Lagos.

He told the court that the defendant’s actions were in violation of section 8(a) and 1(1)(a)(c) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, and that they were punishable under those sections.

The defendant, however, rejected the charges and pled not guilty to all of them.

Following his not guilty plea, the prosecutor requested that the court remand him in the custody of the Nigerian Correctional Services (NCoS), pending the outcome of his bail application.

The defendant’s counsel, Okpoko (SAN), did not object to the remand application, but requested that the court set a short date.

As a result, Justice Ringim postponed the case until Thursday, when the defendant’s bail application will be heard and decided.

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