A Federal High Court in Lagos Wednesday granted bail to a 22-year-old man, Joshua Adeyinka Kayode for Ponzi Scheme fraud.
Kayode, was alleged to have defrauded 170 people of N10.7 billion through a Ponzi scheme.
Justice Nicholas Oweibo admitted Kayode to bail in the sum of N2 billion with two sureties in like sum. The bail was sequel to arguments by his counsel, a Senior Advocate of Nigeria, Emeka Okpoko, and the prosecutor, Mr. Williams Tijjani.
The sureties, the judge said, must be landed property owners within the court’s jurisdiction and must depose to affidavit of means.
The defendant was also ordered to deposit his international passport with the court’s registrar, while he and the sureties must deposit two passport photographs each.
The vacation judge adjourned the case till November 10, for trial.
The proceedings followed Kayode’s arraignment last Thursday by the Force Criminal Investigation Department (Force CID) Annex, Alagbon-Ikoyi, Lagos.
Kayode and his firm Quintessential Investment Company Ltd were arraigned before Justice Tijjani Ringim on a 170-count charge of conspiracy and obtaining money by false pretence.
Prosecution counsel Williams Tijjani told the court that the defendant and others now at large committed the offences between July 2020 and March 2021.
He alleged that the defendant defrauded the victims under the pretext of multiplying returns on their investment, aka, a Ponzi scheme.
Kayode pleaded not guilty.
While adjourning the defendant’s trial till November 10, the judge ordered that all the bail terms must be verified by the prosecution with the defendant to be remanded in the custody of the Nigerian Correctional Services till the perfection of the bail terms.
