Alleged N7.5bn Fraud: AGF Produces First Witness Against Ponzi Scheme Operator

The Office of the Attorney-General of the Federation has produced its first witness against alleged Ponzi Scheme operator, Bamise Ajetunmobi who was accused of defrauding investors of N7.5 billion.

Ajetunmobi was arraigned by the AGF alongside his wife, Elizabeth, who is currently at large, and their company, Imaging Global Solutions Limited, before the Federal High Court in Lagos, on a 12-count charge of conspiracy, obtaining by false pretences, and fraud totalling N7.5 billion.

The prosecutor, Mrs. Kehinde Bode-Ayeni, had informed the court that the alleged offences were committed in February 2021.

Mrs Bode-Ayeni had also alleged that Ajetunmobi and his wife lured victims by promising them a 10 per cent return on investment (ROI).

She alleged that some of the victims defrauded by Ajetunmobi included one Olawale Lawal, who lost N1.5 billion; Mrs. Kate Omu, whose lost N500 million; Erhi Catherine Ojoboh, who lost N2 billion; and Abioye Idris, who was defrauded of N3.5 billion.

The prosecutor further maintained that these offences violate Sections 8(a), 1(a)(c), and 1(2) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006, making them punishable under Section 1(3) of the same act.

The prosecutor also stated that the offences violated Section 383 of the Criminal Code Cap C38 Laws of the Federation of Nigeria, 2004, and punishable under Section 390(a) of the same code.

At the resumed hearing, she informed the court that the defendant had failed to fulfil his commitment to settle the matter out of court, leading her to seek the commencement of the trial.

In contrast, the defence lawyer, Dr. Ben Ikpenwa, requested additional time to discuss the possibility of an out-of-court settlement.

However, the prosecutor urged the court to start the trial, suggesting that it would be beneficial if the parties could reach a settlement before the next adjourned date.

Following the development, the prosecution called its first witness, Oluyemi Oyewole, a lawyer and director with DLA Piper Africa.

The witness testified about being drawn in by the defendant and paying N100 million, expecting a 10 per cent return on his investment.

Oyewole testified that he made the payment between April and May 2021 and began to feel suspicious of Ajetunmobi’s activities by August 2021 due to delays in interest payments.
He also claimed that the defendant lived an extravagant lifestyle, acquired multiple properties and expensive cars, and frequently travelled.

The witness stated that he learned from news reports that Ajetunmobi had attempted to flee the country to an offshore island but was barred from entry. He later heard that Ajetunmobi was arrested in Ivory Coast.

The judge has adjourned the matter to September 26, 2025, for continuation of the trial.