The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Green Eagles Agribusiness Solutions Limited before the Federal High Court in Ikoyi, Lagos, for allegedly operating an unlicensed investment scheme.
In a statement on Thursday, EFCC spokesperson Dele Oyewale said the firm is facing two counts before a judge, Chukwujekwu Aneke, for offering collective investment services without authorisation from the Central Bank of Nigeria (CBN).
According to the EFCC, the case followed a petition by a group of investors who alleged that in 2020, the promoters of Green Eagles — Taiwo Oluwadahunsola and Adetola Adetayo — advertised agricultural investment opportunities through social media and other platforms, promising fixed returns over a specified duration.
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The statement explained that the investors reportedly deposited a cumulative N51,680,050 into the company’s account.
However, at the end of the investment period, the investors said they were unable to contact the promoters or retrieve their funds.
Mr Oyewale said subsequent investigation revealed that the company was not licensed by the CBN nor registered with the Securities and Exchange Commission (SEC) to operate as an investment firm or capital market operator.
The statement said a not-guilty plea was entered for the company.
The prosecution counsel, A.A. Usman, then requested a trial date.
Mrs Aneke adjourned proceedings till 4 November, for the commencement of trial.
In March, the EFCC issued a public alert identifying Green Eagles among 58 companies allegedly running illegal Ponzi schemes across Nigeria.
The Commission said the listed entities were neither licensed by the CBN nor registered with the SEC.
The EFCC reaffirmed its commitment to protecting Nigerians from fraudulent investment operations and warned the public to verify the regulatory status of any firm offering financial services.
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One of the charges reads, “That you, GREEN EAGLES AGRIBUSINESS SOLUTIONS LTD., between January and December 2020, in Nigeria, within the Judicial Division of this Honourable Court, being a company incorporated in Nigeria, failed to obtain a valid licence from the Central Bank of Nigeria to carry on your business of investment management, and you thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Section 57(5) of the same Act.”
EFCC had also arraigned both Messrs Oluwadahunsola and Adetayo for an alleged N999,950,000.00 fraud.
They were arraigned alongside their company on 19 counts of conspiracy to steal, stealing, money laundering, and offences in relation to issuance of dishonoured cheques.
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