Court orders Imagine Global founders to pay N18.9bn to aggrieved investors

July 15, 2022
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The Lagos state high court sitting at Osborne, Ikoyi, has ordered Imagine Global Holding Company Limited and its owners, Bamise and Elizabeth Ajetunmobi, to pay N18.9 billion to aggrieved investors.

On Thursday, Toyin Oyekan-Abdullahi, the judge, gave a judgement in favour of the 27 claimants who filed the suit.

Last year, the court granted an ex-parte order restraining 21 banks in Nigeria from releasing funds to Imagine Global founders.

Reports and social media posts alleged that the Ajetumobi’s fled with billions of naira belonging to their investors.

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In preliminary objections filed by Olakunle Nathan-Marsh, their counsel, the Ajetunmobi’s, who did not appear in court, prayed the court to dismiss the investors’ suit.

But in its judgement, the court dismissed all the preliminary objections filed by the defendants.

The court granted prayers sought by the Adetunji Adedoyin-Adeniyi, counsel to the 1st to 17th claimants, in the sum of N15.54 billion and the rest of the claimants represented by the law firm of Banwo and Ighodalo in the sum of N3.38 billion, totalling the sum of N18.9 billion.

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“An order of the court mandating, compelling and directing the defendants to forthwith pay the first to 17th claimants, represented by Barrister Adedoyin-Adeniyi of AAA Chambers, jointly and severally pay the total sum of N15.5 billion, at 10 percent interest per annum being the outstanding investment sums accruing to the first to 17th claimants, who are investors; together with all other listed investors, in the second defendant’s company, upon the maturity of the respective investments and the accrued return on investments thereon,” the judge said.

“An order of the court mandating, compelling and directing the defendants to forthwith pay the 18th to 27th Claimants, represented by Banwo and Ighodalo and Co., jointly and severally pay the total sum of N3.38 billion, at 10 per cent interest per annum being the outstanding investment sums accruing to the 18th to 27th claimants who are investors; together with all other listed investors, in the second defendant’s company, upon the maturity of the respective investments and the accrued return on investments thereon.”

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