N1.4bn Investment Dispute: Court Adjourns Suit Against Ex-Police Commissioner to Nov 25

Wale Igbintade

Justice A.M. Lawal of the Lagos High Court sitting in Ikeja has adjourned further hearing in the suit filed by thirty-two investors against a former Anambra State Commissioner of Police, Aderemi Adeoye, and four others, to November 25, 2025.

The court adjourned the matter to allow the defendants’ counsel respond to an application filed by the claimants.

At the proceedings yesterday, Mr. Deji Adeyeye appeared for the claimants, while Mrs. A. Amonwe represented the 1st to 4th defendants.

Counsel to the claimants, Mr. Adeyeye, had attempted to move an application before the court, but this was opposed by the defendants’ counsel, Mrs. Amonwe, who stated: “My Lord, I have just been served and I need to respond to this application on points of law.”

The claimants are seeking a court order compelling the defendants to render a full account of all funds collected from them and disclose properties acquired by Alpha Trust Investment Club (ATIC) from inception to date.

In Suit No. ID/11520GC/MW/24, the claimants allege that as at the time of their expulsion from ATIC, their combined investment stood at N1,449,156,450.00 (one billion, four hundred and forty-nine million, one hundred and fifty-six thousand, four hundred and fifty naira).

They accused the former police commissioner of running ATIC, allegedly valued at over N20 billion, exclusively online through Facebook, with no physical office or structure.

The claimants include Ronke Iyabode Adejare, Kingsley Nwabugwu, Henry Adebayo, Dr. Adesoji Adeniyi, and 28 others.

The suit is filed against Aderemi 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.

They are praying the court to declare as unlawful the unilateral valuation of their shares without an independent audit, and the alleged refusal to allocate lands already fully paid for before their expulsion.

The claimants further alleged a refusal to hold elections into ATIC’s Board of Trustees and Executive Committee, and failure to subject its accounts to certified independent audits.

Consequently, they prayed the court for the following reliefs: “A full account of all monies collected and properties acquired by ATIC from inception.

“An independent audit conducted by a certified accountant appointed by the President of ICAN.

“An investigation by the 5th defendant to determine ATIC’s compliance with Lagos State cooperative laws”.

In a 54-paragraph sworn statement, the 28th claimant, Oluwasegun Akinyemi Akindele, said the claimants are Nigerians based across the UK, U.S., Canada, Cyprus, Australia, and Nigeria.

Akindele explained that many were drawn to the investment club after following the 1st defendant’s Facebook page, where he presented himself as a principled police officer and anti-corruption advocate.

He said that in 2017/2018, Adeoye proposed forming an investment club focused on real estate and stock market opportunities. Members were told that financial experts would manage the club, while Adeoye would serve in an advisory capacity.

Claimants allegedly made payments into a Guaranty Trust Bank account under the name “ATIC Venture and Business Services”.

 However, they later discovered that the club was registered as a private business allegedly co-owned by Adeoye, Kaykay, and Akanbi.

According to Akindele, members who demanded transparency, such as the establishment of a board of trustees, a physical office, and a website were labelled “toxic” or “rebels” by the defendants.

Despite contributing over N332 million between 2018 and 2023, the claimants alleged that no title documents or credible investment records were provided.

Properties allegedly acquired include: Manhattan Phase 2 Estate, Abuja – 200 plots. Bridge Estate and Ocean View Estate, Ibeju-Lekki. Miami Beachfront – 500 plots. Epe Pavilion Estate – 600 plots. Ansfield Garden (ATIC City). Swiss Luxury Estate. CITA Estates 1 & 2, among others

Akindele also alleged that members were lured into a “Customised Crypto Investment” scheme with promises of 10% monthly returns, allegedly guaranteed personally by Adeoye.

Despite the billions allegedly collected, claimants stated that no land was ever allocated and no receipts or land titles have been produced.

They further alleged that most of the lands were never paid for by the defendants, despite their financial contributions.