The Federal government of Nigeria has filed a suit against Elixir Asset Management Limited and Elixir Investment Partners Limited, alongside two of their directors over alleged N3 billion fraud.
The suit was made known by the Securities and Exchange Commission on Thursday in a statement.
The suit is before the Federal High Court sitting in Ikoyi, Lagos state and the defendants were charged with four counts of fraud.
Background
On March 1, a summon charge was issued to the defendants to appear for hearing on march 10, 2023.
However, they failed to appear in court hence, the matter was adjourned for May 9.
One of the charges reads “That you Elixir Investment Partners Ltd of No. 95 Medical Guild Close, V/I Lagos on or between the year 2019 and 2021 within the jurisdiction of this honourable court did commit a felony to wit: diversion of investment funds to the tune of N3,213,700,150 belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company, and others. You thereby committed an offence contrary to and punishable under section 383 (2) (f) of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act.”
SEC statement
In the statement, SEC noted that the defendants are being accused of offering for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3b to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others.
According to SEC, they conspired among themselves to divert investment funds belonging to the investing public.
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Court decision
On the date slated for hearing, the defendants were absent in court thereby making the presiding judge, Justice Yellim Bogoro, grant the prayer of the FG to issue criminal summons against the defendants.
Moshood Adeyemi from the Office of the Attorney General prayed the court to set a date for the next appearance.
The judge also granted the prayer and fixed July 11, 2023 for further mention of the case.
Justice Bogoro said ‘The Court will grant the request of the Prosecution and issue a criminal summon to be served to the defendant for arraignment. I’m rescheduling the next hearing for July 11, 2023.”
