FG Sues Elixir Asset Management Limited To Court Over N3 Billion Investments Fraud

The Federal Government has sued Elixir Asset Management Limited and E, along with two of their directors at the Federal High Court sitting in Ikoyi, Lagos over illegal investments worth over N3 billion.

Truetells Nigeria learnt that the Securities and Exchange Commission (SEC) revealed the latest development in a statement issued on Thursday, saying that four counts of fraud were levelled against the accused firms by the Federal Government.

The firms were accused of soliciting subscriptions for an unregistered product ‘Elixir Treasury Product’ worth over N3 billion from the investing public, which included Toyota Nigeria Limited, Kaduna Industrial and Finance Company, and others.

The defendants were also alleged to have conspired among themselves to divert investment funds belonging to the investing public.

Charges against the defendants read, “That you Elixir Investment Partners Ltd of No. 95 Medical Guild Close, V/I Lagos on or between the year 2019 and 2021 within the jurisdiction of this honourable court did commit a felony to wit: diversion of investment funds to the tune of N3,213,700,150 belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others. You thereby committed an offence contrary to and punishable under section 383 (2) (f) of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act.”

However, SEC stated that the defendants were not present in court, prompting the presiding judge, Honourable Justice Yellim Bogoro, to grant the request of the Office of the Attorney General’s counsel, Moshood Adeyemi, to issue criminal summons against the defendants and set the next appearance date for July 11, 2023.

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Bogoro said, “The Court will grant the request of the Prosecution and issue a criminal summon to be served to the defendant for arraignment. I’m rescheduling the next hearing for July 11, 2023.”


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