₦1.4 Billion Scam Scandal: 32 Investors Sue Ex-Police Commissioner In Explosive Fraud Case Details

Thirty-two investors have filed a lawsuit at the Lagos High Court, demanding that former Anambra State Commissioner of Police, Aderemi Adeoye, and four others provide a full account of all monies received from them, as well as the assets acquired by the Alpha Trust Investment Club (ATIC) since its inception.

The case, listed as Suit No. ID/11520GC/MW/24 and currently before Justice A.M. Lawal, centers on claims that the plaintiffs’ total investment in ATIC had reached ₦1,449,156,450.00 (over ₦1.4 billion) by the time they were allegedly expelled from the club.

Represented by Senior Advocate of Nigeria, Olu Daramola of Afe Babalola & Co., the investors accuse Adeoye of operating ATIC—reportedly valued at more than ₦20 billion—solely through Facebook, without any physical office or proper structure.

Among the 32 claimants are Ronke Iyabode Adejare, Kingsley Nwabugwu, Henry Adebayo, Dr. Adesoji Adeniyi, and others.

The suit is filed against Adeoye, Mr. Egbele David Kaykay, Mr. Babatunde Olarenwaju Akanbi, ATIC (Eti-Osa) Cooperative Multipurpose Society Ltd., and the Director of Cooperatives, Lagos State Ministry of Commerce, Cooperatives, Trade, and Investment.

The plaintiffs challenge the legality of the unilateral valuation of their shares, which they say was done without an independent audit. They also contest their expulsion from the club without due process, seek clarification on lands they had fully paid for, and accuse the leadership of managing ATIC as a personal venture lacking transparency.

They also seek court declarations stating that the refusal to conduct board elections and the failure to carry out an independent audit of ATIC’s finances and assets are unlawful.

In their demands, the investors are asking the court to:

• Order a full financial and asset disclosure from ATIC’s inception.

• Mandate an independent audit by a certified accountant appointed by the President of ICAN.

• Instruct the fifth defendant to investigate ATIC’s compliance with Lagos State cooperative laws.

At the latest court sitting, Deji Adeyeye represented the plaintiffs, while Mrs. A. Amonwe appeared for the first to fourth defendants. Mr. A.A. Moheeb (Deputy Director, Ministry of Justice) stood in for the fifth defendant.

The court granted the defendants’ application for a change of counsel and adjourned the matter to June 26, 2025, for the hearing of the plaintiffs’ motion to appoint an independent auditor.