Court orders Ponzi scheme firm, Imagine Global, to pay Nigerian investors N18.8bn

The Lagos State High Court, Ikoyi division, has ordered the payment of N18.8 billion to investors who were scammed by a couple, Bamise Ajetunmobi and Elizabeth Ajetunmobi, co-founders of Imagine Global Holding Company Limited.

Both Bamise and Elizabeth had founded Imagine Global Holding and Imagine Global Solutions as an investment company in 2017, advising investors to take opportunity of its 10% monthly return on investment.

Imagine Global allegedly received over N20 billion before investors discovered the Ajetunmobis were operating a ponzi scheme. The company was accused of scamming investors in 2021, resulting to multiple lawsuits against the couple and their firm.

It was gathered that 27 investors filed a lawsuit against Imagine Global, and the court, presided over by Justice Toyin Oyekan-Abdullahi, on Friday, ordered that the couple pay the 1st to 17th claimants N15.5 Billion, with N3.3 billion going to the 18th to 27th claimants out of the N18.8 billion.

Read also:Reps propose 10-year jail term for promoters of Ponzi schemes

Justice Abdullahi said the defendants; the husband and wife, including their company, breached the agreement Imagine Global had with the investors.

The court in its judgement said, “A declaration that this Honourable Court is clothed with jurisdictional competence to enforce the written contracts executed between the parties herein vides this Originating Summons, on the ground that the underlying issues borders on the interpretation of written contracts, that arose out of the Claimants’ respective investment agreements and the failure of the Defendants to comply with the terms of the said agreements.

“A declaration that the Defendants’ failure to comply with the terms of the Investment Agreements executed between the Claimants and the 2nd Defendant, vis-à-vis, the failure of the Defendants to pay the Claimants their investment sums as agreed in the confirmation of investment, constitute a breach of the contract validly entered between the Claimants and the 2nd Defendant.

“An order of this Honourable Court mandating, compelling and directing the Defendants to forthwith pay the 1st – 17th Claimants jointly and severally pay the total sum of N15,541,350,000.00{Fifteen Billion, Five Hundred and Forty-One Million, Three Hundred and Fifty Thousand Naira} at 10.0% interest per annum being the outstanding investment sums accruing to the 1st – 17th Claimants who are investors; together with all other listed investors, in the 2nd Defendant’s company.

“An order of this Honourable Court mandating, compelling and directing the Defendants to forthwith pay the 18th – 27th Claimants jointly and severally pay the total sum of N3,387,450,000.00 (Three Billion, Three Hundred and Eight-Seven Million, Four Hundred and Fifty Thousand Naira Only) at 10.0% interest per annum being the outstanding investment sums accruing to the 18th – 27th Claimants who are investors; together with all other listed investors, in the 2nd Defendant’s company.”

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