29th October, 2023
By Akin Kuponiyi.
A Federal High Court sitting in Lagos has adjourned trial of a businessman Osita David Ikpah and his company KD Likeminds Stakeholders Limited will continue to November 6 over alleged N520 million fraudulent scheme.
Ikpah and his company were arraigned before Justice Abimbola Awogboro for allegedly swindling about 24 people the sum of N520,182,700 through a fraudulent investment scheme.
In a 21 count charge filed before the court and against the defendants by the Police legal officer from special fraud unit Milverton Ikoyi Lagos, it was alleged that Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd, sometimes between January – June, 2021 at Ishashi Ojo, not being an insurance or stockbroking company and without a valid license from Central Bank of Nigeria carry on financial business and thereby committed an offence contrary to Section and punishable under Section 59 (6)(b) of the Bank and other Financial
Institution Act, Cap. B3 LFN, 2004
It was further alleged that Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd and others still at large sometimes in February, 2021 at Ishashi Ojo did by false Pretence and with intent to defraud obtain the total sum of N520,182,700 from 21unsuspecting members of the public under the pretence of investing the money on thier behalf and thereby committed an offence punishable under Section 1 (3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.