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Naija News

Investment Scam: See 22-Year Old Who Stole N10 Billion From Nigerians

Investment Scam: See 22-Year Old Who Stole N10 Billion From Nigerians

  • A 22-year-old man, Joshua Kayode has been arraigned at the Federal High Court sitting in Ikoyi, Lagos
  • The suspect was accused of defrauding 170 people of funds over the sum of 10 billion Naira through an investment scam from his company Quintessential Investment Limited
  • Justice Nicholas Oweibo granted the defendant bail provided that he meets the requirement of N2 billion Naira

A 22-year-old Nigerian man Joshua Kayode was brought before Federal High Court in Ikoyi Lagos on August 12, 2021.

Investment scam
Joshua Kayode

Mr Kayode was accused of scamming 170 people of over N10 billion through his investment company Quintessential Investment Limited.

The alleged scammer reportedly set up the company and promised to offer investors as much as a 30% return on investment monthly.

The company had offices in Lagos and Abeokuta and ran from December 2019 till December 2020 when investors reportedly found it difficult to get their money out.

It was labeled an investment scam in December 2020 when the company shut down, failing to pay investors both their capital and returns.

The defendant Mr Kayode was accused of crimes bordering conspiracy and obtaining money on false pretence but he denied it all.

Read also: Crypto Holders Panic as Hackers Steal $600 Million Cryptocurrency from Poly Network

Following the defendant’s plea, the court less by Justice Nicholas Oweibo granted him bail for the sum of N2 billion and two sureties.

The court ordered that each surety must have landed properties within the court’s jurisdiction and they must provide two passport photographs.

Meanwhile, pending the time that bail conditions are met, the defendant was mandated to remain in the custody of the Nigerian Correctional Service.

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