Ponzi scheme
Man Sentenced to 63 Years in Prison for Fraud
In a landmark judgment aimed at reinforcing Nigeria’s fight against financial crimes, the Oyo State High Court sitting in Ibadan has sentenced one Olaniyan Gbenga Amos to 63 years in prison for orchestrating a large-scale investment fraud that defrauded numerous Nigerians of over one billion naira. Justice Olusola Adetujoye, who presided over the case, handed […]
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Court Orders Forfeiture of N6.6bn Shares Linked to Ponzi Scheme
In a significant legal development, a Federal High Court in Lagos has ordered the final forfeiture of 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, worth approximately N6.67 billion. This decision marks a major victory for the Economic and Financial Crimes Commission (EFCC) in its ongoing efforts […]