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Court grants alleged operator of Ponzi Scheme N2b bail


The 22 years old man, Joshua Adeyinka Kayode, who allegedly defrauded 170 people of the sum of N10.8 billion under fake investment scheme was Wednesday admitted to bail by Justice Nicholas Oweibo of the Federal High Court, Lagos, in the sum of N2 billion with two sureties in like sum.


Justice Oweibo also ordered that each of the sureties must own a landed property within the court’s jurisdiction and must depose to an affidavit of means.

The judge also ordered that the two sureties and the defendant must deposit two passport photographs with the Court’s Registrar and that the defendant must also deposit his international passport with the Court’s Registrar.

While adjourning the defendant’s trial to November 10, the judge ordered that the prosecutor must verify all the bail terms and that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS) till he perfects his bail terms.

Justice Oweibo ruled on the bail application, after taking arguments from the defendant’s counsel, Mr. Emeka Okpoko (SAN) and the prosecutor, Mr. Tijjani Williams.

The defendant alongside his company, Quintessential Investment Company Limited were arraigned before the court on August 5, by the men of Force Criminal Investigation Department (Force CID) Annex, Alagbon-Ikoyi, Lagos, on 170 count charges bordering on conspiracy and obtaining by false pretence.


The prosecutor, Williams, during the arraignment, told the court that the defendant and others now at large, committed the offences between July 2020 and March 2021.

Williams 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.

But the defendant denied the allegations and pleaded not guilty to all the counts.

Following his not guilty plea, the prosecutor 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, Okpoko (SAN) did not oppose the remand application, but asked the court for a short date.

Consequently, Justice Ringim adjourned the matter till Thursday, for hearing and determination of the defendant’s bail application.


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