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Court orders fleeing Ajetunmobi couple to pay ponzi victims N19bn

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A Lagos State High Court in Ikoyi has ruled against Imagine Global Holding Company Ltd, Imagine Global Solutions Ltd, Bamise Samson Ajetunmobi and Elizabeth Anuoluwapo Ajetunmobi.

On Thursday, Justice Taofiquat Oyekan-Abdullahi ordered them to pay nearly N19billion to the victims of their alleged ponzi scheme.

The judge delivered judgment in a suit filed by 27 claimants who sued for themselves and 118 investors of Imagine Global Solutions Ltd.

The company ran lending service to small and medium businesses, offering 22 percent as interest on loans received and 10 percent returns to investors.

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The litigants approached the court through their lawyers Adetunji Adedoyin-Adeniyi of AAA Chambers and Banwo & Ighodalo and Co.

In a suit marked LD/579CM/2021, they sought several declarations and orders against the couple and the companies.

In preliminary objections filed by their counsel Olukunle Nathan-Marsh, the Ajetunmobis, who did not appear in court, asked the court to throw out the case.

But Justice Abdullahi-Oyekan dismissed the objections and granted all the declarations and orders sought by the investors.

The judge ordered the couple to pay the N15,541,350 at 10 percent interest per annum, “being the outstanding investment sums accruing to the 1st to 17th claimants, who are investors; together with all other listed investors, in the second defendant’s company, upon the maturity of the respective investments and the accrued return on investments thereon”.

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The Ajetunmobis were also ordered to pay N3,387,450 at 10 percent interest per annum, “being the outstanding investment sums accruing to the 18th to 27th claimants who are investors; together with all other listed investors, in the second defendant’s company, upon the maturity of the respective investments and the accrued return on investments thereon.”

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Imagine Global was registered in 2017 and had around 100,000 subscribers.

The couple reportedly fled to London, where they incorporated a branch in August 2019.

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Challenges in amending Nigeria’s land use act highlighted at land reform conference

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Nigeria Land Use Act amendment

Dr Ugochukwu Chime and experts discuss challenges in amending Nigeria’s Land Use Act, citing concerns over governance and economic impacts.

 

 

At the 2nd edition of the International Conference and Fair on Land and Development in Lagos, the Chairman of the Ministerial Land Reform Task Team, Dr Ugochukwu Chime, highlighted the difficulties of amending Nigeria’s 1978 Land Use Act (LUA).

He explained that various attempts to amend the Act had failed due to fears about its potential impact on various interests and the widespread perception of the law as a tool for land grabbing.

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According to Dr Chime, revising the LUA will prove to be a “tall order” due to the socio-political implications associated with land ownership in Nigeria.

He stressed that improving operational processes within the 38 land administration entities and enhancing the legal infrastructure for quicker resolution of land disputes must be prioritised before considering any amendments.

Dr Chime also pointed out the necessity of aligning land administration with the country’s financial services and legal systems, stressing the involvement of the private sector in driving these reforms.

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He warned against government attempts to use land reforms primarily as a means to increase taxation and generate income, urging a more comprehensive approach that considers the efficiency of private sector businesses, which control over 85% of Nigeria’s productive activities.

In support of these concerns, Toye Eniola, Executive Secretary of the Association of Housing Corporation of Nigeria, reiterated that amending the Land Use Act is challenging due to the provision that grants governors full control over land.

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Eniola explained that any amendment would require the approval of both the National Assembly and the state Houses of Assembly, a complex process hindered by the influence governors hold over the legislature.

Eniola further noted that the control of land has become a significant source of income for many state governments, and thus, no government would be willing to relinquish these powers.

Meanwhile, Prof Timothy Nubi, Director of the Centre for Housing and Sustainable Development, provided insights into the broader issue of land and property value in Africa.

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Despite rapid urbanisation and economic growth in regions like Africa and Asia, he noted that these areas still have much lower real estate values compared to their potential.

He attributed this to systemic challenges, including inadequate data on property markets and the continued existence of “dead capital” – untitled or unproductive assets, as described by economist Hernando De Soto.

Prof Nubi pointed out that in Nigeria, weak land tenure systems and unresolved land ownership issues, particularly those under the Land Use Act, have hindered capital formation and economic growth, leading to significant wastage of potential wealth.

The discussions at the conference underscore the complex relationship between land ownership, governance, and economic development in Nigeria, suggesting that comprehensive reforms are needed to unlock the full potential of the country’s land and property markets.

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Entertainment

Tiwa Savage stresses the importance of building strong fan relationships

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Tiwa Savage fan relationships

Tiwa Savage highlights the importance of building strong relationships with fans to boost an artist’s success beyond music.

 

 

Nigerian Afrobeats icon Tiwa Savage has called on artists to focus on building meaningful connections with their fanbase, saying it is key to sustaining long-term success.

In a recent episode of the Shopping The Sneakers podcast, Savage shared her insights on why musicians must go beyond their music and establish relationships with their audience.

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Also read: Tiwa Savage reveals returning a Range Rover gift due to lack of interest

 

According to the award-winning singer, fostering these connections allows fans to engage with an artist on a deeper level, including aspects beyond their music career.

Tiwa Savage believes that artists can use their platforms to connect with their fans on a personal level, whether through fashion, lifestyle choices, or other forms of self-expression.

“It’s not just about the music; it’s your fanbase and your brand. You’ve got to think about your fashion and how relatable you are,” Savage said.

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“A lot of times, artists are just putting out music; they are not really connecting with the fans. I think it’s really important to connect with the fans.”

Savage pointed to her fellow Afrobeats superstars—Wizkid, Davido, and Burna Boy—as examples of artists who have successfully cultivated strong relationships with their followers.

She explained that their ability to maintain a personal connection with their fans has kept them relevant even when not actively releasing new music.

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“It’s not just about the music; it’s about your lifestyle,” she continued. “Whether they’re dropping a song or not, they are always in the conversation because of the bond they’ve built with their fans.

They love their lifestyles and that’s why they’re always trending.”

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Tiwa Savage stressed that building a loyal fanbase is essential for any artist’s long-term growth, adding that an artist’s success is ultimately tied to the strength of their team and relationships with their audience.

“You are only as good as strong as your team,” she concluded.

As the conversation around fan relationships continues to grow, Savage’s words serve as a reminder that in today’s music industry, personal connections can be just as powerful as the music itself.

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Crime

Nigeria police arrest 113 foreign Nationals for cybercrime in Abuja

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Nigeria cybercrime arrests

Nigeria Police arrest 113 foreign nationals for cybercrime in Abuja, uncovering evidence of fraud, scams, and immigration offences.

 

The Nigeria Police Force (NPF), in a coordinated operation by officers from Zone 7 Command and the National Cybercrime Centre (NPF-NCCC), has apprehended 113 foreign nationals linked to advanced cybercrime activities in Abuja.

The operation, which took place on November 3, 2024, in the Jahi area of the capital, uncovered a sophisticated cybercrime network involved in internet fraud, marketing scams, and other illegal activities.

 

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During the raid, the police recovered substantial items critical to the syndicate’s operations, including:

  • A Toyota Tundra vehicle
  • Laptops, smartphones, and tablets
  • High-capacity servers, routers, and drones
  • Specialized cyber equipment and game consoles
  • Identity cards, passports, and other travel documents
  • Central processing units and communication devices

 

The police spokesman, ACP Olumuyiwa Adejobi, disclosed these details in a statement via X (formerly Twitter) on Monday, emphasising the significance of the evidence.

The suspects have been arraigned before the Federal High Court in Abuja. Charges against them include computer-related fraud, unlawful data access, marketing scams, conspiracy, money laundering, and illegal immigration.

“The investigation has uncovered the alleged involvement of these individuals in criminal activities spanning cybercrime, immigration offences, and human trafficking networks,” Adejobi stated.

The Nigeria Police Force reiterated its commitment to combating cybercrime and transnational criminal activities, stressing its collaboration with international law enforcement agencies and embassies.

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“This operation is a testament to our resolve to track and prosecute cybercriminals. We are committed to ensuring that perpetrators are held accountable under Nigerian law,” the statement concluded.

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The successful operation highlights the growing vigilance of Nigerian authorities in tackling cybercrime and protecting citizens from internet fraud.

It underscores the importance of international cooperation in addressing the increasingly sophisticated world of transnational cybercrime.

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