The Federal Government has arraigned Dantata Success and Profitable Company and their promoters before the Federal High Court in Abuja for investment fraud amounting to over N2 billion.

Those charged along with the company are Basira Ibrahim Dantata, Lawan Sanni and Gaji Ibrahim Dantata.

According to a statement by the Head of Media, Securities and Exchange Commission (SEC), Efe Ebelo, yesterday in Abuja, the defendants who were arraigned before Justice A.I. Chikere of Federal High Court 3, were alleged to have between 2018 and 2019 carried out an unregistered investment scheme with the intent to defraud about 7,250 investing public to subscribe and invest in the scheme amounting to over N2 billion.

According to the charge, they committed an offence contrary to Section 54 of the Investments and Securities Act 2007 and punishable under the same section.

When the matter came up in court, one of the defendants, Gaji Ibrahim Dantata was not available due to health reasons. Justice Chikere thereby adjourned the matter to November 5 for plea and motion filed by the defendants.

Recall that SEC pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007, on 6 February 2019 sealed up the business premises of Dantata Success & Profitable Company, for engaging in illegal activities in the Nigerian capital market.

In addition, the Commission obtained court orders to freeze the bank accounts of the company to preserve the funds of investors in line with Section 13 (x) of the ISA 2007.

The company was not registered or authorized by the Commission to engage in any activity in the capital markets. However, it targeted and reached Nigerian investors through radio programs in Kano State and collected large sums of money from investors under the guise of a “structured investment”.

The Commission has therefore warned the public to exercise utmost caution before deciding to subscribe to investment schemes and to always confirm the registration status of any company or individual and the products they are offering before entering into any transaction with them.

Information about entities registered by the Commission to provide investment services can be found in the following link