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The Federal Excessive Court docket sitting in Ikoyi has adjourned to October ninth, 2023, for arraignment Elixir Asset Administration Restricted, Elixir Funding Companions Restricted.
This was accomplished alongside with two of their Administrators Clara-Bittinger Mshelia-Whyte and Sarah Ogbemudia over N3 billion fraud.
The Securities and Change Fee in a press release made obtainable to Nairametrics stated the adjournment follows the absence of counsel to the accused individuals which stalled the arraignment.
That they had been dragged earlier than the Federal Excessive Court docket sitting in Ikoyi, Lagos on allegations of fraud to the tune of over N3 billion.
Based on SEC, when the matter got here up earlier than Justice Yelim Bogoro of Court docket 5, the court docket was knowledgeable that the counsel to the defendants was unavoidably absent as a consequence of Unwell well being.
The Presiding Decide, apparently displeased that the counsel to the accused didn’t formally inform the court docket of his in poor health well being, described his actions as discourteous to the court docket and subsequently adjourned the case to October 9, 2023, for arraignment.
- Bogoro stated: “That isn’t an excellent presentation that the council won’t attain out to the court docket. Their counsel is meant to be right here to defend them. He can’t keep in Abuja and claims he has abdomen upset. The defence has not written to the court docket that he’s in poor health, which is discourteous to the court docket.
- I’ll adjourn this matter until ninth October, and he ought to guarantee that he’s in court docket on that date”.
Allegations and Costs Towards the Defendants
SEC famous that over the past adjourned date, the defendant, Mshelia-Whyte and Ogbemudia didn’t honour the court docket invitation.
This made Justice Bogoro grant the want of the counsel from the workplace of Lawyer Common Moshood Adeyemi, to difficulty the defendant prison sermon and set a date for the subsequent look for July 11, 2023.
The Fee defined that in a four-count cost introduced in opposition to the businesses and their promoters by the Federal Republic of Nigeria.
They have been accused of providing for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3 billion to the investing public together with Toyota Nigeria Ltd, Kaduna Industrial and Finance Firm and others.
- “Based on the cost, the defendants are alleged to have dedicated a felony to wit: with the widespread intent conspired amongst themselves along with Samuel Aikhonbare, Christopher Edordu, and their different workers to do an unlawful act by luring the investing public together with Toyota Nigeria Restricted and others by providing them an unregistered product referred to as ‘Elixir Treasury Product’ and thereby dedicated an offence opposite to and punishable beneath Part 516 of Felony Code Act Legal guidelines of the Federation of Nigeria, 2004.
- The defendants are additionally alleged to have conspired amongst themselves to do an unlawful Act- diversion of Funding funds belonging to the investing public together with Toyota Nigeria Restricted, Kaduna Industrial and Finance Firm, and others and thereby dedicated an offence opposite to and punishable beneath Part 516 of Felony Code Act Legal guidelines of the Federation of Nigeria, 2004,” SEC stated.
Based on the Fee, the Cost said:
- “That you simply Elixir Funding Companions Ltd and Clara-Bittinger Mshelia-Whyte each of No. 95 Medical Guild Shut, V/I Lagos on or between the 12 months 2019 and 2021 throughout the jurisdiction of this honourable court docket did commit a felony to wit: diversion of funding funds to the tune of N3,213,700,150 belonging to the investing public together with Toyota Nigeria Restricted, Kaduna Industrial and Finance Firm and others.
- You thereby dedicated an offence opposite to and punishable beneath part 383 (2) (f) of Felony Code Act, Legal guidelines of the Federation of Nigeria, 2004 and punishable beneath Part 390 (7) of the identical Act”.
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