Woman bags jail term over N14.5m investment fraud in Lagos

Abdullateef Fowewe

Justice O.A. Okunuga of the Lagos State High Court in Ikeja has sentenced Ajanaku Oluwatomilola to three years in prison for a N14.5 million fraud.

The conviction followed her re-arraignment by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on April 14, 2024.

She faced a six-count charge bordering on stealing, obtaining money by false pretence, and unlawful retention of funds.

According to a statement on Monday by EFCC, Oluwatomilola received N14.5 million from investors in 2021 under the guise of an investment scheme with a promised three-month return on investment.

However, she allegedly stopped payments after just two months.

The statement reads, “Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja, Lagos, on Thursday, May 15, 2025, convicted and sentenced one Ajanaku Oluwatomilola to three years imprisonment for N14.5m fraud.

“The convict was re-arraigned by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, on April 14, 2024, on a six-count charge bordering on stealing, obtaining money and property by false pretence and retention to the tune of N14.5m.

“The defendant, sometime in 2021, received the sum of N14.5m from some petitioners as investment capital. It was agreed that the return on investment would run for three months.

“The defendant, however, reneged on the agreement as she stopped payment of the agreed return on investment to the petitioners after two months.

“Investigation revealed that the defendant did not have a licence to conduct capital market operations or call for investments from the members of the public.

“The defendant pleaded ‘not guilty’ to the charge preferred against her, thereby leading to her trial.

“Delivering judgment, Justice Okunuga found the defendant guilty on three counts of stealing and sentenced her to one year imprisonment on each of the counts.

“She was, however, discharged of the counts of obtaining money and property by false pretence and retention.

“The judge also ordered her to make restitution to the petitioners to the tune of N6,000,000 (Six Million Naira).”