Alleged Investment Fraud: Court Bars Banks From Releasing N11.79bn To Couple

A Lagos State High Court sitting at the Osborne area in Ikoyi has restrained all commercial banks in the country from releasing funds totalling N11.795 billion to Nigerian couple, Bamise and Elizabeth Ajetunmobi, who allegedly fled the country after duping investors of over N22 billion.

The court also granted an order restraining the couple and the companies linked to them, Imagine Global Holding Company Limited and Imagine Global Solutions Limited, from accessing funds totalling N11,795,090,000 in their accounts pending the hearing and determination of the suit against them.

Justice Toyin Oyekan-Abdullai granted an order of mareva injunction freezing the assets following an ex parte application filed on October 15 by the applicants through their counsel, Adetunji Adedoyin-Adeniyi.

A mareva injunction, also known as a freezing or asset protection order, is one granted to prevent a defendant from dealing with the assets, moving or dissipating them while legal proceedings are on.

The applicants are aggrieved Nigerians who heavily invested their funds in Imagine Global and according to court papers, the N11,795 billion is the outstanding investments and return on investments accruing to them from the defendants.

In the interim, the court also barred the banks from dealing in any manner whatsoever with any and all monies and/or whatsoever assets due to the defendants from any account whatsoever maintained by the couple, and all accounts with BVN: 22168443525 (linked to the third defendant – Bamise Ajetunmobi) and BVN:22141952749 (linked to the fourth defendant – Elizabeth Ajetunmobi), wherever situated up to the N11,795,090,000.

It further restrained the defendants from selling, transferring, assigning and/or dealing with the following properties: Apartment 7, Oakwood Residences; 23, Cooper Street, Ikoyi, Lagos; B4, Gate 3, Lafiaji Road, Victoria Crescent Estate; Olugborogon; Chevron; Lekki; Lagos, or any other properties in the name of the first, second, third, and fourth defendants, or that can be traced and located by applicants during the pendency of the suit.

The judge directed the banks to, within seven days, file and serve on the applicants’ counsel, an affidavit disclosing the balance contained in the defendants’ accounts.

The applicants, on their part, are to file an undertaking as to damage in case the order ought not to have been made by the court.

Justice Oyekan-Abdullahi, thereafter, adjourned the case till November 3.

The banks affected include Guaranty Trust Bank, Access Bank, Citi Bank Nigeria, Ecobank Nigeria, Fidelity Bank, First Bank, First City Monument Bank, and Globus Bank.

Others are Heritage Bank, Jaiz Bank, Keystone Bank, Polaris Bank, Providus Bank, Stanbic IBTC Bank, Standard Chartered Bank, Sterling Bank, Union Bank, United Bank For Africa, Unity Bank, Wema Bank, and Zenith Bank.