Investors Sue Ex-Anambra Police Commissioner Over Alleged N1.4bn Investment Fraud
CHIGOZIE AMADI
Thirty-two investors filed a suit at the Lagos High Court asking it to compel former Anambra State Commissioner of Police, Aderemi Adeoye, and four others to render an account of all funds collected from them, as well as properties acquired by Alpha Trust Investment Club (ATIC) from inception to-date.
In Suit No. ID/11520GC/MW/24, now before Justice A.M. Lawal, the claimants alleged that as of the time of their purported expulsion, their combined investment in ATIC stood at N1,449,156,450.00 (one billion, four hundred and forty-nine million, one hundred and fifty-six thousand, four hundred and fifty Naira).
Represented by Olu Daramola, SAN, of Afe Babalola & Co., the investors accused the former police commissioner of running ATIC – an entity allegedly worth over N20 billion – entirely online via Facebook, with no physical office or structure.
Claimants included Ronke Iyabode Adejare, Kingsley Nwabugwu, Henry Adebayo, Dr. Adesoji Adeniyi, and 28 others.
They are suing Adeoye, Mr. Egbele David Kaykay, Mr. Babatunde Olarenwaju Akanbi, ATIC (Eti-Osa) Cooperative Multipurpose Society Ltd, and the Director of Cooperatives, Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The claimants are asking the court to declare as unlawful the unilateral valuation of their shares without an independent audit, the refusal to allocate land fully paid for before their expulsion, their expulsion without due process, and the running of the management of ATIC as a personal business without accountability.
They also prayed the court to declare as unlawful the alleged refusal to allow elections into ATIC’s Board of Trustees and Executive Committee, the failure to subject ATIC’s accounts and assets to certified independent audit.
They are also seeking court orders directing: “A full account of all monies and properties from inception.
“An audit by a certified accountant appointed by the President of ICAN.
and the 5th defendant to investigate whether ATIC has complied with Lagos State cooperative laws.”
At the court session yesterday, Deji Adeyeye appeared for the claimants, Mrs. A. Amonwe for the first to fourth defendants, and Mr. A.A. Moheeb (Deputy Director, Ministry of Justice) for the fifth defendant.
The court granted the defendants’ application for change of counsel and adjourned the matter till June 26, 2025, for hearing on the claimants’ application to appoint an independent auditor.
In a 54-paragraph sworn statement by the 28th claimant, Oluwasegun Akinyemi Akindele, he said the claimants were Nigerians spread across the UK, U.S., Canada, Cyprus, Australia, and Nigeria.
He explained that many of them were drawn to ATIC after following the first defendant’s Facebook page, where he presented himself as a principled police officer and anti-corruption crusader.
Akindele stated that in 2017/2018, Adeoye proposed the formation of an investment club focused on real estate and stock market ventures.
Members were told the club would be managed by financial experts while Adeoye played an advisory role.
He said they were instructed to pay contributions into a Guaranty Trust Bank account under ATIC Venture and Business Services.
However, claimants later discovered the supposed club was registered as a private business allegedly co-owned by Adeoye, Kaykay, and Akanbi.
He said when members demanded transparency—such as a board of trustees, office space, and a club website—the first to third defendants resisted and allegedly branded dissenters as “toxic” or “rebels.”
Despite members contributing over N332 million between 2018 and 2023, Akindele said no title documents or credible proof of investments were ever provided. Properties listed as being purchased include:
Manhattan Phase 2 Estate, Abuja – 200 plots, Bridge Estate and Ocean View Estate, Ibeju-Lekki, Miami Beachfront – 500 plots, Epe Pavilion Estate – 600 plots, Ansfield Garden (ATIC City), Swiss Luxury Estate, and CITA Estates 1 & 2, among others.
He also alleged that some members were lured into a “Customised Crypto Investment” scheme with a guaranteed 10 per cent monthly return, personally promised by Adeoye.
Despite the billions allegedly collected, claimants said no land had been allocated and no receipts or titles produced.
He alleged that their investigations revealed that most of the lands were never paid for by the defendants.
The case has been adjourned till June 26 for hearing of pending applications.
