A Federal High Court sitting in Abuja, presided over by Justice Gladys Olotu, has adjourned the trial of Ovaioza Yunusa, who was allegedly involved in N2 billion scam till July 12, 2023 because the defence failed to appear before the court, yesterday, when the matter was called up.
 
The Federal Government sued the agriculture entrepreneur and her company, Ovaioza Farm Produce Storage Business (OFPSB), on charges bordering on fraud. Alongside Imu Yunusa and Goodness Omeiza, the agripreneur allegedly operated as fund manager without registration by Securities and Exchange Commission (SEC) among others.
 
SEC had, in March 2022, sealed up the Garki, Abuja, office of the company on suspicion of illegal collection of money from the investing public to the tune of N2 billion, while not registered with the commission.
 
In the five counts brought against the company and its promoters by the Federal Government, they allegedly committed felony by conspiring to do illegal act between 2020 and 2022.
 
They were said to have lured and offered for subscription an unregistered collective investment scheme worth over N2 billion to the public, including Umejiaku Chikodili Crystal, Omolabake Ale, Dr. Obi Sandra P., Nnaemeka Franklin Ugwoke, Fonon Ismaila Malum, Kelechi Anayo and Nkiru Onyima.
 
The charge reads, “That you, Imu Yunusa, Goodness Omeiza and Ovaioza Farm Produce Storage Business, all of No. 27, Abeokuta Street, Area 8, Garki, Abuja, on or between 2020 and 2022, within the jurisdiction of this honourable court, did commit felony to wit: lured and offered for subscription an unregistered collective investment scheme worth over N2 billion to the unsuspecting general public. You, thereby, committed an offence contrary to and punishable under Section 54 of the Investments and Securities Act, 2007.
 
“That you did commit a felony to wit: conspiracy of forming a common intention among yourselves, together with your staff, to do an illegal act – diversion of investment funds worth over N2 billion belonging to the investing public. You, thereby, committed an offence contrary to and punishable under Section 516 of the Criminal Code Act, laws of the Federation of Nigeria, 2004.”