By Nkechi Eze
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Friday, arraigned Quintessential Investment Company Limited before Justice Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, over allegations of illegal investment operations.
The company is facing a two-count charge bordering on operating a collective investment scheme without securing the necessary licence from the Central Bank of Nigeria (CBN), in violation of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the EFCC, the firm solicited funds from unsuspecting investors between January and December 2020 under the guise of a forex investment scheme, promising an attractive 35% monthly return.
One of the charges reads: “That you, Quintessential Investment Company Limited, sometime within January and December 2020 in Nigeria, within the Judicial Division of this Honourable Court, being a company incorporated in Nigeria, failed to obtain a valid licence from the Central Bank of Nigeria, CBN, to carry on your business of investment management and you thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Section 57(5) of the same Act.”
A “not guilty” plea was entered on behalf of the company. Following the plea, prosecution counsel Abdulhamid L. Tukur called the first prosecution witness, Nnadikwu Izuchukwu Collins, an EFCC investigator, to review the facts of the case.
Collins told the court that the EFCC had received more than 25 petitions between 2021 and 2022 from investors including one Wisdom Odianosen Okoduwa against the company and its managing director, Joshua Adeyinka Kayode.
The petitioners claimed they were lured into investing in the company’s forex trading scheme through advertisements aired in 2020 and 2021, with a promise of high monthly returns. In total, the investors were said to have contributed over ₦1.2 billion and $500,000, none of which was returned at maturity, either as interest or capital.
Collins further stated that investigations revealed the company had no licence from the Securities and Exchange Commission (SEC) or the CBN to operate as an investment or forex trading entity. He added that a forensic analysis of the company’s United Bank for Africa (UBA) account showed it received ₦1.195 billion during the relevant period, most of which was used for personal expenses and to repay earlier investors typical of a Ponzi scheme operation.
Key evidence, including petitions, bank statements, and regulatory responses from the Corporate Affairs Commission (CAC), CBN, SEC, and UBA, was submitted and admitted in court as exhibits.
Following the submissions, Justice Dipeolu adjourned the matter to July 8, 2025, for cross-examination and continuation of trial.
The EFCC urged members of the public to remain vigilant and verify the regulatory compliance of any investment firm before committing their funds.
