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Justice Rahman Oshodi of the Ikeja Special Offences Court has sentenced a 27-year-old undergraduate of the Federal University of Agriculture, Abeokuta, David Ugboko, to 14 years’ imprisonment for defrauding investors through a Ponzi scheme of N27.5m. The Economic and Financial Crimes Commission, during the trial, told the court that investigations revealed that Ugboko defrauded more than 500 investors of over N1bn through the scheme, using funds from new investors to pay earlier depositors.
Context & Background
✦The judge handed down the sentence on Wednesday after finding Ugboko guilty of 10 counts bordering on conspiracy, obtaining money by false pretence and retention of proceeds of crime.
Key Figures & Named Entities
Wednesday:The judge handed down the sentence on Wednesday after finding Ugboko guilty of 10 counts bordering on conspiracy, obtaining money by false pretence and retention of proceeds of crime.2020:It added that in 2020, the convict assured investors through Instagram that their money would be refunded when investment proceeds improved, even as he allegedly acquired properties with the funds.2021:The commission told the court that Ugboko and Titan Management Limited fraudulently converted N18m belonging to Olukayode Adeola Adebo in 2021.
Outlook & Next Steps
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Key Takeaways
Verified Extract
✦Justice Rahman Oshodi of the Ikeja Special Offences Court has sentenced a 27-year-old undergraduate of the Federal University of Agriculture, Abeokuta, David Ugboko, to 14 years’ imprisonment for defrauding investors through a Ponzi scheme of N27.5m.
✦The Economic and Financial Crimes Commission, during the trial, told the court that investigations revealed that Ugboko defrauded more than 500 investors of over N1bn through the scheme, using funds from new investors to pay earlier depositors.
✦The judge handed down the sentence on Wednesday after finding Ugboko guilty of 10 counts bordering on conspiracy, obtaining money by false pretence and retention of proceeds of crime.
Key Facts:Wednesday: The judge handed down the sentence on Wednesday after finding Ugboko guilty of 10 counts bordering on conspiracy, obtaining money by false pretence and retention of proceeds of crime.2020: It added that in 2020, the convict assured investors through Instagram that their money would be refunded when investment proceeds improved, even as he allegedly acquired properties with the funds.2021: The commission told the court that Ugboko and Titan Management Limited fraudulently converted N18m belonging to Olukayode Adeola Adebo in 2021.2023: Ugboko was arraigned by the EFCC’s Directorate 2 in September 2023 and pleaded not guilty, leading to a full trial.
Editorial Excerpt
A Lagos court has sentenced a 27-year-old FUNAAB undergraduate, David Ugboko, to 14 years in prison for defrauding investors of N27.5m in a Ponzi scheme.
Frequently Asked Questions About This Story
What is the latest development regarding Ikeja?
Justice Rahman Oshodi of the Ikeja Special Offences Court has sentenced a 27-year-old undergraduate of the Federal University of Agriculture, Abeokuta, David Ugboko, to 14 years’ imprisonment for defrauding investors through a Ponzi scheme of N27.5m.
Who are the key organizations or public figures mentioned?
The Economic and Financial Crimes Commission, during the trial, told the court that investigations revealed that Ugboko defrauded more than 500 investors of over N1bn through the scheme, using funds from new investors to pay earlier depositors.
What timeline or key figures were confirmed?
The judge handed down the sentence on Wednesday after finding Ugboko guilty of 10 counts bordering on conspiracy, obtaining money by false pretence and retention of proceeds of crime.
