Elixir Asset Management Limited, Elixir Investment Partners Limited along with two of their directors have been dragged before the Federal High Court sitting in Ikoyi, Lagos on allegations of fraud to the tune of over N3bn.
In a four-count charge brought against the companies and their promoters by the Federal Republic of Nigeria, they are accused of offering for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3bn to the investing public including Toyota Nigeria Ltd, Kaduna Industrial and Finance Company and others.
According to the charge, the defendants are alleged to have committed a felony to wit: with the common intent conspired among themselves together with Samuel Aikhonbare, Christopher Edordu and their other staff to do an illegal act by luring the investing public including Toyota Nigeria Limited and others by offering them an unregistered product called ‘Elixir Treasury Product’ and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
The defendants are also alleged to have conspired among themselves to divert investment funds belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others, thereby committing an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
The charges read, “That you Elixir Investment Partners Ltd and Clara-Bittinger Mshelia-Whyte both of No. 95 Medical Guild Close, V/I Lagos on or between the year 2019 and 2021 within the jurisdiction of this honourable court did commit a felony to wit: diversion of investment funds to the tune of N3,213,700,150 billion belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others. You thereby committed an offence contrary to and punishable under section 383 (2) (f) of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act.”
The defendants, Mshelia-Whyte and Ogbemudia failed to honour the court invitation, which made the presiding judge, Honourable Justice Yellini Bogoro to grant the wish of the counsel from the office of the Attorney General, Moshood Adeyemi, to issue the defendants criminal summon and set a date for the next appearance for July 11, 2023.
Justice Bogoro said, “The Court will grant the request of the Prosecution and issue a criminal summon to be served to the defendant for arraignment. I am rescheduling the next hearing for July 11, 2023.”
On March 1, 2023, a summon charge was issued to the accused to appear for the hearing on March 10, 2023. Unfortunately, the accused persons did not appear at that first hearing which led to the adjournment of the hearing to May 9.
