Lagos businessman charged to court over N520m fraud

The trial of businessman Osita David Ikpah and his company, KD Likeminds Stakeholders Limited, regarding an alleged N520 million fraudulent scheme has been delayed by a Federal High Court located in Lagos till November 6.

Ikpah and his business were charged in front of Judge Abimbola Awogboro with defrauding roughly twenty-four individuals out of N520,182,700 via a fictitious investment scam.

It was alleged that Osita David Ikpah "m" and KD Likeminds Stakeholders Ltd, occasionally between January and June, 2021 at Ishashi Ojo, carried on financial business in violation of Section 59 (6)(b) of the Bank and Other Financial Institution Act, Cap. B3 LFN, 2004 because they were not insurance or stockbroking companies and did not have a valid licence from the Central Bank of Nigeria. The 21-count charge was filed before the court and against the defendants by the Police legal officer from

Furthermore, it was alleged that in February 2021 at Ishashi Ojo, Osita David Ikpah "m," KD Likeminds Stakeholders Ltd., and other individuals who are still at large committed an offence that is punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 by falsely claiming to be investing N520,182,700 from 21 unsuspecting members of the public with the intent of defrauding them.

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