An Ikeja Special Offences Court on Thursday heard how Volition Capital investment staff (Eti-Osa) Cooperative Multipurpose Society Limited...
An Ikeja Special Offences Court on Thursday heard how Volition Capital investment staff (Eti-Osa) Cooperative Multipurpose Society Limited was defrauded of N1.8 billion.
A prosecution witness of Economic and Financial Crimes Commission (EFCC), Mr Kola Oyeneyin narrated the incident before Justice Olubunmi Abike-Fadipe.
Led in evidence by the anti-graft agency prosecuting counsel, Rotimi Oyedepo (SAN), the witness told the court that the cooperative society is the association of young people, nursing mother, retirees and hard working Nigerian professionals who form the society so as to help honest and members of public to live a well meaning life.
Oyeneyin who doubled as the president of the cooperative society said that his activities include giving out loans to members and sign up for investment they do on behalf of members of the cooperative.
The witness said it is their custom in the cooperative society to come together and brain storm on what to do, what investment to do, what amount to invest and what profit they can benefit.
"It was on this note we contacted the first and second defendant, we had several meetings and conclusion was made on the agricultural investment we want to embark on", he said.
Oyeneyin further informed the court that because of the huge amount of money involved, they introduced FBN Quest trustee into the agreement to ensure that the money is disbursed to the vendors.
"In January 2021, my attention was called to series of news on social media that the first and second defendants had defrauded some micro and retail agro investors that made investment with them.
"It happened when we were suppose to get the return on the first investment. We realised that the defendants went back to collect the money from the various vendors the money was disbursed to and cancelled the contract."
Oyeneyin, told the court that upon further investigation by anti-graft agency, it was discovered that the farm lands the defendants claimed to have in Adamawa, kebbi and Nasarawa States do not exist.
The petition written to EFCC and statements of account from FBN Quest Trustees were tendered and admitted in evidence.
It would be recalled that, the Commission, EFCC, had on Thursday, March 23, 2023, arraigned the duo alongside a company, Green Eagles Limited, on a 19-count charge bordering on conspiracy to steal, stealing, money laundering, and offences about the issuance of dishonored cheques to the tune of N996,000,311.00.
They pleaded "not guilty" to the charges.
The matter was adjourned to December 13 and 14, 2023 for the continuation of trial.
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