Justice Nicholas Oweibo of the Federal High Court, Lagos has adjourned the N10.7 billion ponzi scheme case to May 27, 2022, as the Police is yet to re-arrest the defendant, one Joshua Adeyinka Kayode.
When the matter came up February 18 before, the defendant was absent. This led the judge to issue a bench warrant for the arrest of the defendant.
However, the matter could not proceed again on Friday as the police is yet to obtain the arrest warrant to enable it re-arrest the fleeing defendant.
Kayode, 22, is standing trial for allegedly defrauding over 270 investors of N10.7 billion through a sham investment scheme.
The Police had last August arraigned Kayode before a vacation judge, Tijjani Ringim at the Federal High Court, Lagos.
The defendant was arraigned alongside his company, Quintessential Investment Company Limited on a 170-count charge of conspiracy and obtaining money by false pretence.
Later, the main trial judge, Oweibo admitted the defendant to bail in the sum of N2 billion with two sureties in the like sum.
The sureties must be a landed property owners within the court’s jurisdiction and were to depose to affidavit of means.
Justice Oweibo also ordered the defendant to deposit his international passport with the Court’s Registrar, while the sureties and the defendant were ordered to deposit their two passport photographs.
The court ordered the prosecutor, Mr. Tijani Williams to verify the bail conditions.
Mr. Williams…
