A Federal High Court in Lagos on Friday, remanded a Ponzi scheme operator, Osita David Ikpah (a.k.a King David), in the custody of Nigerian Correctional Services (NCoS), following his alleged involvement in N571. 6million fraud, in custody of Nigerian Correctional Services (NCoS) till November 25, to rule on his bail application.
Justice Abimbola Awogboro, who gave the remand order, also adjourned the matter till November 25 after taken arguments on his bail application.
The defendant, Osita and his company, KD Likeminds Stakeholders Limited, were brought before the court in a charge marked FHC/L/234c/2021,by the men of Police Special Fraud Unit (PSFU) Ikoyi-Lagos, on 26-count charge of Conspiracy and obtaining by false pretence and fraud.
The prosecuting lawyer, Mr. Henry Obiaze, told the court that King David, his company and others now at large, committed the offences between February and March, 2021, at Dikem Farm Close, ishashi Road, Ojo Lagos.
They were also alleged to have between January till June, 2021, operated as an unlicensed insurance or stockbroking company and without a valid license from Central Bank of Nigeria (CBN)
The prosecutor told the court that the offences committed by the defendant are contrary to and punishable under Section 8(a) and 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006. And Sectio 58 (i) and punishable under Section 59 (6)(b) of the Bank and other Financial Institution Act, Cap B3 LFN, 2004.
When the charge was read to King David, he pleaded not guilty to the offence.
The defence lawyer, Mr S. C. Ukairo, later pleaded with the court to admit his client to bail in the most liberal terms.
He added that his client has credible sureties, saying that he will ensure that he attend court regularly.
Opposing the bail application, the prosecutor, Mr. Obiaze, told the court that there is likelihood of the defendant jumping bail if granted.
The prosecuting lawyer also argued that King David will continue defrauding innocent citizens.
He also told the court that the judge will be doing a great favour to the defendant if he refused the bail application as most of the fraud victims are determined to lynch him if they set their eyes on him.
Having listened to the arguments by the parties, Justice Awogboro directed that King David should be remanded in NCoS’ custody and adjourned the case till October 29 for the ruling on the bail application and commencement of trial.
Some of the 26-count charge against King David are as follows:
“That you Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd and others still at large sometimes between the months of February to March, 2021 at No 4, Dikem Farm Close, Ishashi Road, Lagos within the jurisdiction of this Hon. Court did conspire to commit felony to with: Obtaining Money by False Pretence and thereby committed an offence punishable under Section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.
“That you Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd, and others still at large sometimes in February, 2021 at Ishashy Ojo, within the jurisdiction of this Hon. Court did by False Pretence and with intent ta defraud obtain the sum of One Hundred and Twenty One Million, Six Hundred and Seventy-Three Thousand Naira (N121, 673, 000 00) from Elem favour Onyinyechi ‘f under the pretence of investing the money on her behalf and thereby committed an offence punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Acts, 2006,
“That you Osita David Ikpah ‘m’ and KD Likeminds Stakeholders Ltd and others still at large sometimes February, 2021 at Ishashi Oyo, within the Jurisdiction of this Hon. Court did by False Pretence and with intent to defraud obtain the sum of Two Hundred Million Naira (N200,000,000 00) from one Mr. Ibeneme Moor Nnayelugo under the pretence of investing the money on his behalf and thereby committed an offence punishable under Section t (3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.
“That you Osita David Ikpah ‘m’ ang KD Likeminds Stakeholders Ltd and others stl at large sometimes February 2021 at Ishashi Ojo, within the jurisdiction of this Honourable Court and by False Pretence and with an intent to defraud obtain the sum of Twenty Six million, Four Hundred and Sixty Nine Thousand Two Hundred and Twenty Five Naira (N26,469.225 00) from one Mrs. Julliet Onaiwo under the pretence of investing the money on her behalf and thereby Committed an offence punishable under Section 3 (3) of the Advance Fee Fraud and other Fraud Related Otfences Act, 2006”.
