Ponzi Scheme: Joshua Adeyinka Kayode Docked For Defrauding 170 People of N10.7bn

The Nigerian police have arraigned a 22-year-old, Joshua
Adeyinka Kayode, before a Federal High Court sitting in Lagos on
Thursday, for allegedly defrauding 170 people to the tune of N10.7
billion under fake investment.

He was arraigned before Justice Tijjani Ringim on 170 counts
charge of conspiracy and obtaining money by false pretence
alongside his company,  Quintessential Investment Company
Limited, by the men of Force Criminal Investigation Department
(ForceCID) Annex, Alagbon-Ikoyi, Lagos.

Counsel for the prosecution Williams Tijjani, told the court
that the defendant and others now at large, committed the offences
between July 2020 and March 2021.

He told the court that the defendant defrauded the victims under
the pretence of false multiple returns on investment.

He told the court that the offences committed by the defendant
are contrary to and punishable under section 8(a) and 1(1) (a) (c)
of the Advance Fee Fraud and other Fraud Related Offences Act
2006. 

However, the defendant denied the allegations and pleaded not
guilty to all the counts’ charge.

Upon his plea of not guilty, the prosecutor, Barrister Tijjani,
urged the court to remand him in the custody of Nigerian
Correctional Services (NCoS), pending when his bail application
would be heard and determined.

Counsel to the defendant, Mr. Emeka Okpoku (SAN) did not oppose
the prosecutor’s remand application but asked the court for a short
date to enable him to file the bail application.

After listening to the submission of parties, Justice Tijjani
Ringim, adjourned the matter till August 11, for a hearing of the
defendant’s bail application. 

Justice Ringim also ordered that the defendant be remanded in
the custody of NCOS, till the hearing and determination of his bail
application.

COUNT 1: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investment Company Limited and others now large between July, 2020
— March 2021 at Lagos, within the jurisdiction of this Honourable
Court, did conspire among yourselves to commit felony to wit:
Obtaining Money by False Pretence and thereby committed an offence
punishable under section 8(a) of the Advance Fee Fraud and other
Fraud Related Offences Act 2006. 

COUNT 2: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of One Billion and Eight Million Naira (#1, 800,000,000.00)
from one Oladapo Abiola ‘m’ (Voltal Golbal Capital Investment
Company) under the pretence of investing same a representation you
knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 3: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Seventy Million Naira (N70, 000, 000. 00) from one
Akande Solomon Odafe ‘m’ under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006. 

COUNT 4: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July, 2020
– March 2021 at Lagos,, within the jurisdiction of this Honourable
Court, did with intent to gee up, fraudulently obtained the
sum of Thirty Million Naira (N30,000,000.00) from one Umara Ibrahim
Adubi ‘m* under the pretence of investing same a representation you
knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020—March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to defraud. fraudulently obtained
the sum of Four Hundred and Ninety One Million Naira
(N491,000,000.00) from one Olarinde Tolulope ‘f under the pretence
of investing same a representation you knew to be false and thereby
committed an offence contrary to section I(1) (a) (c) of the
Advance Fee Fraud and other Fraud Related Offences Act
2006. 

COUNT 6: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020—March 2021 at Lagos.. within the jurisdiction of this
Honourable Court. did with intent to defraud, fraudulently obtained
the sum of Eleven Million Naira (N11,000,000.00) from one
Uchechukwu gbunonu ‘m7’ under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006. 

COUNT 7: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020—March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Four Million Naira (N4,000,000.00) from one Daniel
Eshiet ‘m’ under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July
2020-March 2021, at Lagos, within the jurisdiction of this
Honourable Court. did with intent to defraud. fraudulently obtained
the sum of Seven Million Naira (N7,000,000.00) from one Ifabiyi
Tobi Emmanuel ‘m’ under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006. 

COUNT 164: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to detraud, fraudulently obtained
the sum of One Hundred and Thirty Four Million, Five Hundred and
Seventy Six Thousand Naira (N134, 576, 000.00) from one Nnamdi
Emmanuel ‘m’under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section I(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 167: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Six Million, Seven Hundred and Twenty Six Thousand, Five
Hundred and Sixty Two Naira (N6, 726, 562.00) from one Onyiga
Damilola ‘f under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 168: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Five Hundred Thousand Naira (N500, 000.00) from one
Okwuazu Anwulika ‘m’under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 200. 

COUNT 169: That youJoshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of One Million Naira (N1,000,000.00) from one Florence
Adebayo ‘f under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 170: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Four Hundred and Thirty Thousand Naira (N430,000.00)
from one Esther Eshiet ‘f under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006.

The Nigerian police have arraigned a 22-year-old, Joshua
Adeyinka Kayode, before a Federal High Court sitting in Lagos on
Thursday, for allegedly defrauding 170 people to the tune of N10.7
billion under fake investment.

He was arraigned before Justice Tijjani Ringim on 170 counts
charge of conspiracy and obtaining money by false pretence
alongside his company,  Quintessential Investment Company
Limited, by the men of Force Criminal Investigation Department
(ForceCID) Annex, Alagbon-Ikoyi, Lagos.

Counsel for the prosecution Williams Tijjani, told the court
that the defendant and others now at large, committed the offences
between July 2020 and March 2021.

He told the court that the defendant defrauded the victims under
the pretence of false multiple returns on investment.

He told the court that the offences committed by the defendant
are contrary to and punishable under section 8(a) and 1(1) (a) (c)
of the Advance Fee Fraud and other Fraud Related Offences Act
2006. 

However, the defendant denied the allegations and pleaded not
guilty to all the counts’ charge.

Upon his plea of not guilty, the prosecutor, Barrister Tijjani,
urged the court to remand him in the custody of Nigerian
Correctional Services (NCoS), pending when his bail application
would be heard and determined.

Counsel to the defendant, Mr. Emeka Okpoku (SAN) did not oppose
the prosecutor’s remand application but asked the court for a short
date to enable him to file the bail application.

After listening to the submission of parties, Justice Tijjani
Ringim, adjourned the matter till August 11, for a hearing of the
defendant’s bail application. 

Justice Ringim also ordered that the defendant be remanded in
the custody of NCOS, till the hearing and determination of his bail
application.

COUNT 1: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investment Company Limited and others now large between July, 2020
— March 2021 at Lagos, within the jurisdiction of this Honourable
Court, did conspire among yourselves to commit felony to wit:
Obtaining Money by False Pretence and thereby committed an offence
punishable under section 8(a) of the Advance Fee Fraud and other
Fraud Related Offences Act 2006. 

COUNT 2: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of One Billion and Eight Million Naira (#1, 800,000,000.00)
from one Oladapo Abiola ‘m’ (Voltal Golbal Capital Investment
Company) under the pretence of investing same a representation you
knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 3: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Seventy Million Naira (N70, 000, 000. 00) from one
Akande Solomon Odafe ‘m’ under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006. 

COUNT 4: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July, 2020
– March 2021 at Lagos,, within the jurisdiction of this Honourable
Court, did with intent to gee up, fraudulently obtained the
sum of Thirty Million Naira (N30,000,000.00) from one Umara Ibrahim
Adubi ‘m* under the pretence of investing same a representation you
knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020—March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to defraud. fraudulently obtained
the sum of Four Hundred and Ninety One Million Naira
(N491,000,000.00) from one Olarinde Tolulope ‘f under the pretence
of investing same a representation you knew to be false and thereby
committed an offence contrary to section I(1) (a) (c) of the
Advance Fee Fraud and other Fraud Related Offences Act
2006. 

COUNT 6: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020—March 2021 at Lagos.. within the jurisdiction of this
Honourable Court. did with intent to defraud, fraudulently obtained
the sum of Eleven Million Naira (N11,000,000.00) from one
Uchechukwu gbunonu ‘m7’ under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006. 

COUNT 7: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020—March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Four Million Naira (N4,000,000.00) from one Daniel
Eshiet ‘m’ under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July
2020-March 2021, at Lagos, within the jurisdiction of this
Honourable Court. did with intent to defraud. fraudulently obtained
the sum of Seven Million Naira (N7,000,000.00) from one Ifabiyi
Tobi Emmanuel ‘m’ under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006. 

COUNT 164: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to detraud, fraudulently obtained
the sum of One Hundred and Thirty Four Million, Five Hundred and
Seventy Six Thousand Naira (N134, 576, 000.00) from one Nnamdi
Emmanuel ‘m’under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section I(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 167: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Six Million, Seven Hundred and Twenty Six Thousand, Five
Hundred and Sixty Two Naira (N6, 726, 562.00) from one Onyiga
Damilola ‘f under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 168: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Five Hundred Thousand Naira (N500, 000.00) from one
Okwuazu Anwulika ‘m’under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 200. 

COUNT 169: That youJoshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos,, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of One Million Naira (N1,000,000.00) from one Florence
Adebayo ‘f under the pretence of investing same a representation
you knew to be false and thereby committed an offence contrary to
section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud
Related Offences Act 2006. 

COUNT 170: That you Joshua Adeyinka Kayode ‘M’, Quintessential
Investiment Company Limited and others now large between July,
2020-March 2021 at Lagos, within the jurisdiction of this
Honourable Court, did with intent to defraud, fraudulently obtained
the sum of Four Hundred and Thirty Thousand Naira (N430,000.00)
from one Esther Eshiet ‘f under the pretence of investing same a
representation you knew to be false and thereby committed an
offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud
and other Fraud Related Offences Act 2006.