Court Shuts Ponzi Scheme, Jails Operator & Recovers N848m

P.M.EXPRESS reports that it was the judgment of the presiding judge, Justice M.G. Umar, on 4th November, 2025, after the secretary, Ayoola Olakitan, pleaded guilty before the Court.

The Court convicted Ayoola Olakitan, secretary of Fortunetech Limited, on two counts of operating a business without proper registration and making a false statement to investigators from the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The judge sentenced him to 12 months in prison with an option of a N50,000 fine and ordered Fortunetech Limited to be wound up forthwith.

“The 1st Defendant/Convict is hereby ordered to be wound up under the Companies and Allied Matters Act, 2020 and its assets forfeited to the Federal Government of Nigeria; The 2nd Defendant/Convict is hereby sentenced to Twelve (12) Months imprisonment or pay the sum of Fifty (50) Thousand Nairafine only,” the Court said.

According to the charge sheet, Fortunetech operated an e-commerce business classified as a “non-financial business” without registration between December 2023 and December 2024, an offence under the Money Laundering (Prevention and Prohibition) Act, 2022.

Mr. Olakitan was also convicted for falsely claiming to ICPC investigators that he had applied for a Central Bank of Nigeria licence to operate international money transfer services.

Following the conviction, the court granted the prosecution’s request for asset forfeiture and a total of N212 million found in 15 bank accounts held by Fortunetech Limited and a related company, Fortunetechnic Global Services Limited, was forfeited to the Federal Government as proceeds of crime.

In another separate order, the Court directed that N636 million be returned to one of the scheme’s victims, Mohammed Haruna, into his Providus Bank account. The total amount recovered stood at ₦848m.

The case was filed as Federal Republic of Nigeria v. Fortunetech Limited & Anor (Charge No: FHC/ABJ/CR/529/2025).

Ponzi schemes have continued to thrive in Nigeria, targeting citizens seeking quick financial relief amid high inflation, unemployment, and a weak currency. The schemes typically promise investors extraordinary returns and collapse once new deposits can no longer sustain payouts.

The Securities and Exchange Commission (SEC) has repeatedly cautioned Nigerians to avoid unregistered and unregulated investment schemes. It said genuine investment platforms must be licensed under the Investments and Securities Act and should not promise guaranteed or unrealistic returns.

The SEC strongly advised investors to verify any investment opportunity through the Commission’s official channels before parting with their money.

Despite repeated warnings, new Ponzi-style operations continue to thrive, often disguised as cooperative societies, cryptocurrency platforms, or e-commerce ventures promoted on social media and many investors fall victims at the end.