Lagos Court Sentences Woman to Three Years in Prison for N14.5m Investment Fraud

A Lagos State High Court sitting in Ikeja has sentenced a woman, Ajanaku Oluwatomilola, to three years in prison over a N14.5 million investment fraud. Justice O.A. Okunuga handed down the sentence on Thursday, May 15, 2025, after finding her guilty on three counts of stealing.

Oluwatomilola was prosecuted by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) following her re-arraignment on April 14, 2024. She faced six charges related to stealing, obtaining money under false pretence, and unlawful retention of funds.

According to the EFCC, the defendant received N14.5 million from several victims in 2021 as capital for an investment scheme that promised returns over three months. However, she stopped paying the agreed returns after two months and failed to refund the capital. Investigations revealed she had no license to operate or solicit for investment from the public.

One of the charges stated that Oluwatomilola, trading as Yenniegoldie Signature, stole N5 million belonging to Truetalk Telecom Services. Despite pleading not guilty, she was convicted on three counts of stealing, while the court discharged her on charges of obtaining money under false pretence and unlawful retention.

During trial, EFCC counsel F. Ofoma presented four witnesses, including EFCC investigator Christopher Ameh and affected investors. Her lawyer, O. Ajanaku, pleaded for leniency, describing her as a first-time offender who was remorseful and willing to repay the victims.

Justice Okunuga sentenced her to one year imprisonment on each of the three counts, to run concurrently. The court also ordered her to pay N6 million in restitution to her victims.