32 Investors Drags Ex-Police Commissioner To Court Over Alleged ₦1.4 Billion Investment Fraud

Thirty-two investors have initiated legal proceedings at the Lagos High Court, seeking to compel the former Commissioner of Police in Anambra State, Aderemi Adeoye, along with four other individuals, to provide a detailed account of all funds received from them and the assets acquired by Alpha Trust Investment Club (ATIC) from its inception to the present.

In the case identified as Suit No. ID/11520GC/MW/24, currently under the jurisdiction of Justice A.M. Lawal, the plaintiffs claim that at the time of their alleged expulsion, their total investment in ATIC amounted to N1,449,156,450.00 (one billion, four hundred and forty-nine million, one hundred and fifty-six thousand, four hundred and fifty Naira).

The investors, represented by Olu Daramola, SAN, from Afe Babalola & Co., have accused the former police commissioner of managing ATIC—an organization reportedly valued at over N20 billion—exclusively through Facebook, lacking any physical office or infrastructure.

The group of claimants includes Ronke Iyabode Adejare, Kingsley Nwabugwu, Henry Adebayo, Dr. Adesoji Adeniyi, and 28 others.

They are pursuing legal action against Adeoye, Mr. Egbele David Kaykay, Mr. Babatunde Olarenwaju Akanbi, ATIC (Eti-Osa) Cooperative Multipurpose Society Ltd, and the Director of Cooperatives at the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.

The plaintiffs are asking the court to determine that the unilateral evaluation of their shares, which was carried out without an independent audit, is illegal. They seek to address the issue of land that was fully paid for before their expulsion, contest their expulsion without due process, and challenge the management of ATIC, which they claim is being operated as a personal business without appropriate accountability.

Additionally, they request the court to declare unlawful the alleged refusal to permit elections for ATIC’s Board of Trustees and Executive Committee, as well as the failure to conduct a certified independent audit of ATIC’s accounts and assets.

They are also pursuing court orders for: “A comprehensive account of all funds and properties from the beginning.

“An audit by a certified accountant appointed by the President of ICAN. Furthermore, they request that the fifth defendant investigate whether ATIC has adhered to the cooperative laws of Lagos State.”

According to ThisDay, during yesterday’s court session, Deji Adeyeye represented the claimants, while Mrs. A. Amonwe represented the first to fourth defendants, and Mr. A.A. Moheeb (Deputy Director, Ministry of Justice) represented the fifth defendant.

The court approved the defendants’ request for a change of counsel and postponed the case until June 26, 2025, to hear the claimants’ application for the appointment of an independent auditor.

In a detailed 54-paragraph sworn affidavit submitted by the 28th claimant, Oluwasegun Akinyemi Akindele, it was stated that the claimants are Nigerians residing in various countries, including the UK, U.S., Canada, Cyprus, Australia, and Nigeria.

Akindele noted that many individuals were attracted to ATIC after engaging with the first defendant’s Facebook page, where he portrayed himself as a principled police officer and an advocate against corruption.

He recounted that in 2017/2018, Adeoye suggested the establishment of an investment club aimed at real estate and stock market opportunities.

Members were informed that the club would be overseen by financial professionals, with Adeoye serving in an advisory capacity.

Contributors were directed to deposit their funds into a Guaranty Trust Bank account associated with ATIC Venture and Business Services.

However, the claimants later learned that the alleged club was registered as a private enterprise purportedly co-owned by Adeoye, Kaykay, and Akanbi.

Akindele mentioned that when members sought transparency—requesting a board of trustees, office facilities, and a dedicated club website, the first to third defendants allegedly resisted and labeled dissenters as “toxic” or “rebels.”

Despite members contributing over N332 million from 2018 to 2023, Akindele asserted that no title documents or credible evidence of investments were ever provided. The properties claimed to have been acquired include:

Manhattan Phase 2 Estate in Abuja – 200 plots, Bridge Estate and Ocean View Estate in Ibeju-Lekki, Miami Beachfront – 500 plots, Epe Pavilion Estate – 600 plots, Ansfield Garden (ATIC City), Swiss Luxury Estate, and CITA Estates 1 & 2, among others.

He further alleged that some members were enticed into a “Customised Crypto Investment” scheme, which promised a guaranteed 10 percent monthly return, a commitment made personally by Adeoye.

Despite the substantial sums reportedly collected, the claimants stated that no land had been allocated, nor had any receipts or titles been issued.

Akindele claimed that their investigations indicated that the majority of the lands were never paid for by the defendants.

The case has been postponed until June 26 for the hearing of outstanding applications.