Court acquits woman, firm of alleged N40m investment fraud

A Lagos State High Court sitting in Ikeja has discharged and acquitted Portia Anthonia Emilia and Savannah Crest Investment Limited of alleged N40 million investment fraud,

Justice O.O. Abike-Fadipe, who delivered the judgment on September 29, 2026, held that the Economic and Financial Crimes Commission, EFCC, failed to call vital witnesses whose evidence was necessary to establish the allegations against the defendants.

The defendants were standing trial on five counts bordering on conspiracy to steal, stealing, obtaining money by false pretence and retaining stolen property.

The prosecution alleged that the defendants collected N40 million from three investors in 2018 under an investment arrangement promising 10 per cent monthly returns for six months.

According to the prosecution, the funds were diverted to pay returns to existing investors rather than invested as represented.

The EFCC also told the court that Savannah Crest Investment Limited was not registered or licensed by the Securities and Exchange Commission, SEC, to collect funds from the public for investment.

However, the defence argued that the prosecution failed to establish the essential elements of the offences, maintaining that the transactions were civil in nature and that the evidence presented was insufficient to sustain a conviction.

In resolving the case, Justice Abike-Fadipe faulted the prosecution for failing to call the alleged victims to testify and explain the circumstances under which they transferred the money.

The judge said: “Both Wendy Daniel and Ruth Bolo Atte were vital witnesses for the prosecution to establish the ownership of the funds alleged to have been converted by the defendants and to establish how they were fraudulently enticed by the defendants to part with their money.”

She further held that the investigating officers’ testimonies could not replace direct evidence from the alleged victims.

“The hearsay evidence of investigating officers will not suffice,” the judge declared.

Justice Abike-Fadipe noted that Wendy Daniel, who submitted the petition to the EFCC, was not called to testify, while Ruth Bolo Atte and Rachael Akintola, the other alleged investors, were also not produced as witnesses.

The court also observed that a representative of Karnimoore Services Limited, whose transactions featured in the company’s bank statements, was not called to explain the purpose of the payments.

On the SEC licensing issue, the judge held that the prosecution failed to establish that the defendants were operating in the capital market regulated by the commission.

In her concluding remarks, Justice Abike-Fadipe said: “I hold that the prosecution has failed to discharge the burden on it to prove that the defendants are guilty of any of the charges brought against them beyond reasonable doubt.”

She added that the defendants were not obliged to prove reasonable doubt after the prosecution failed to meet its burden of proof.

Consequently, the court discharged and acquitted Emilia and Savannah Crest Investment Limited on all five counts.