Lagos court clears woman, firm of N40m investment fraud charges

A Lagos State High Court in Ikeja has cleared a woman and her company of charges that they defrauded investors of N40 million, after the judge found that the anti-graft agency did not bring the key witnesses needed to prove its case.

Justice O.O. Abike-Fadipe delivered the judgment on September 29, 2026, according to Vanguard. Portia Anthonia Emilia and Savannah Crest Investment Limited were tried on five counts: conspiracy to steal, stealing, obtaining money by false pretence and keeping stolen property.

The Economic and Financial Crimes Commission (EFCC) alleged that in 2018 the defendants took N40 million from three investors, promising 10 per cent monthly returns for six months. The agency said the money was used to pay earlier investors instead of being invested as promised, and that the company was not registered with the Securities and Exchange Commission (SEC) to collect funds from the public.

The defence argued that the case was civil in nature and that the evidence fell short of what is needed for a conviction.

Why the case collapsed

The judge faulted the EFCC for not calling the alleged victims to explain how they handed over their money. She named Wendy Daniel, who filed the petition with the EFCC, and Ruth Bolo Atte as vital witnesses who never testified. Rachael Akintola, another alleged investor, was also not produced.

According to Vanguard, the judge held that the testimony of the investigating officers could not stand in for the victims' own account. “The hearsay evidence of investigating officers will not suffice,” she said.

The court also noted that no representative of Karnimoore Services Limited was called to explain payments that appeared in the company's bank statements.

On the SEC issue, Justice Abike-Fadipe held that the prosecution did not establish that the defendants were operating in the part of the market the commission regulates.

She concluded that the EFCC did not prove the charges beyond reasonable doubt, and that the defendants had nothing to prove once the prosecution failed to meet that standard. Emilia and the company were discharged and acquitted on all five counts.

What happens next

An acquittal ends the criminal case unless the EFCC appeals. The alleged investors could still pursue a civil claim over the money, but the judgment does not say whether any of them plan to do so.

The ruling is a reminder for Nigerians weighing investment offers: check whether a firm is registered with the SEC before handing over savings, and keep records of every payment.