The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on Wednesday, July 8, 2025, arraigned Adepoju Emmanuel Abiodun, promoter of Bigibet, before Justice O.A. Okunuga of the Lagos State High Court sitting in Ikeja.
Abiodun and his company, Nobelsteed Nigerian Limited, are facing a 10-count charge bordering on stealing and obtaining money under false pretences to the tune of N855 million.
According to the EFCC, in 2021, Abiodun allegedly approached the complainant to pitch an investment opportunity in Nobelsteed, which he claimed was a gaming and lottery business.
He reportedly told the petitioner that he was raising capital for the venture and urged him to invest in the company’s equity.
Abiodun allegedly presented himself as a seasoned player in the gaming industry, convincing the complainant not only to invest but also bring in additional investors.
A total sum of N855 million was reportedly paid into Abiodun’s nominated bank account as equity investment for the lottery business.
However, the EFCC said Abiodun failed to honour the investment agreement or refund the investors, prompting legal action.
One of the counts reads: ”That you, Mr. Adepoju Emmanuel Abiodun, Noblesteed Nigeria Limited, sometime between June, 2021 and September, 2021 in Lagos, within the Ikeja Judicial Division of this Honourable Court, deceitfully obtained the total sum of N855,000,000.00 (Eight Hundred and Fifty Five Million Naira) only, from several unsuspecting persons, through your GT Bank Account No. 0591549473, by falsely representing to them that the said amount was an investment for the purchase of Equity Share Capital of Noblesteed Nigeria Limited, which representation you knew to be false, thereby committed an offence Obtaining money by false pretence contrary to sections 1(1) (a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No: 14 of 2006.”
The defendants pleaded “not guilty” to the charge.
Following the arraignment, the prosecuting counsel, A.M. Dambuwa, requested that the court set a trial date and also urged that the defendant be remanded to a correctional facility pending the commencement of proceedings.
In response, defence counsel Adeyinka Abdulsalam informed the court that a bail application had already been filed and served on the prosecution.
Justice O.A. Okunuga ordered that the defendant be remanded at the Ikoyi Correctional Centre.
The judge adjourned the matter to July 9, 2025, for the hearing of the bail application and September 17, 2025, for the commencement of the trial.