-Seeks N500 Million Compensation
Adamakin Investment and Works Ltd has issued a formal demand for an immediate retraction and public apology following a defamatory online publication by Vanguard Newspaper.
The publication, titled “EFCC EXPOSES PONZI SCHEME TARGETING NIGERNAIJAONPOINT,” falsely accused their client of operating a fraudulent Ponzi scheme that defrauded Nigerians of their investments.
The article, published on March 11, 2025, claimed that Adamakin Investment and Works Ltd was not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC) and was involved in a financial scam. The firm’s lawyers have categorically denied these allegations, stressing that their client is a legitimate player in the real estate sector with no involvement in any Ponzi scheme or illegal financial activities.
The solicitors pointed out that their client has never engaged in any activity that would require registration with the CBN or SEC. Furthermore, Adamakin Investment and Works Ltd operates within the bounds of Nigerian law, having completed several successful real estate transactions. The legal team also stated that the EFCC’s investigation into their client, which was based on a separate allegation, did not include any claims related to Ponzi schemes.
In light of the serious reputational damage caused by the false report, Adamakin is demanding that Vanguard Newspaper publish a public apology and retract the false statements in a prominent position in their next edition. The firm is also seeking compensation in the amount of N500,000,000 (Five Hundred Million Naira) for the harm caused to their client’s reputation and business.
Adamakin has given the involved parties 14 days to comply with the demands, warning that failure to do so will result in legal action.
Adamakin stands firm in defending their client’s name and vows to pursue all available legal remedies to rectify the harm caused by the defamatory publication.