Court Sentences Woman to Three Years for N14.5 Million Fraud in Lagos

On Thursday, May 15, 2025, Justice O. A. Okunuga of the Lagos State High Court in Ikeja convicted Ajanaku Oluwatomilola and sentenced her to three years in prison for committing fraud amounting to N14.5 million.

Ajanaku was re-arraigned by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on April 14, 2024, facing six counts related to theft, fraudulent acquisition of money and property, and retention of funds totaling N14.5 million. In 2021, the defendant accepted N14.5 million from several petitioners as investment capital, with an agreement that returns would be paid within three months. However, she defaulted on the agreement, ceasing to pay the promised returns after only two months. Investigations revealed that Ajanaku did not possess a license to engage in capital market activities or solicit investments from the public. One specific charge stated: "That you, Ajanaku Oluwatomilola, trading under the name and style of Yenniegoldie Signature, sometime in 2021 in Lagos, within the jurisdiction of this Honourable Court, with the intent to defraud, stole and dishonestly converted to your own, the sum of N5,000,000 (Five Million Naira), property of one Truetalk Telecom Services, thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015." The defendant pleaded not guilty, leading to a trial during which the prosecution, represented by F. Ofoma, called four witnesses, including Christopher Ameh, an EFCC investigative officer, and various petitioners. In her defense, Ajanaku's counsel urged the court to show leniency, arguing that she is a first-time offender and displaying remorse for her actions. The defense also expressed a commitment to ensure restitution to the petitioners. Upon delivering the judgment, Justice Okunuga found Ajanaku guilty on three counts of theft, imposing a one-year prison term for each count. However, she was acquitted of the charges related to obtaining money and property by false pretenses and retention. Additionally, the judge ordered Ajanaku to make restitution of N6,000,000 (Six Million Naira) to the petitioners.