Business went sour for the couple Bamise and Elizabeth Adetunmobi, who scammed investors and Nigerians of billions of naira when the Lagos court ordered them to pay N18.8 billion and interest to the affected parties. Justice Oyekan Abdullahi declared this sentence at the Lagos State high court, Ikoyi division.
This complaint was made after the 27 investors noticed the red flag given by Mr and Mrs Ajetunmobi. Complaints 1 to 17, represented by claimants’ counsel Adetunji Adedoyin-Aeniyi are to be given the sum of N15.5 billion, while the remaining 18 to 27, represented by Banwo and Ighodalo law firm, the sum of N3.3 billion.
The Imagine Global Solutions Ltd
The couple started the microlending platform in 2016 to provide ease of loan access to Nigerians. This was based on a 22% interest rate on loans approved and a 10% return to investors.
With good pitching, Ajetunmobi convinced people to invest huge capital in his microloan business. He lends the money to traders and market women. In 2017, he officially launched the company and named it Imagine Global Solutions Limited.
Gradually, the maximum loan lent increased from N100,000 to millions of naira, and the number of investors rose from 30 to over 90,000 in five years.
The red flags
In 2021, the investors started getting anxious when there was no return on investment. With this, there was panicking, and a meeting was called between the major investors and business couple.
This was, however, termed a minor hiccup in business by the Ajetunmobi with the promise of stable business in the following month. The unfulfilled promise revealed that the business was undergoing some challenges.
The investors, therefore, asked the couples to reduce the interest rates from 10% to 3%. This was to help the company through its trying period. Despite this leeway, the investors did not get their capital and return on investment.
With nothing forthcoming and an allegation that the Ajetunmobi’s are not in the country, some investors took to social media to express their disappointment.
With the turn of events, some of the affected parties issued a lawsuit that the couple, through Imagine Global Holding Company Ltd and Imagine Global Solutions, scammed them and some Nigerians of over N22 billion.
In 2021, the counsel to investors appealed for an ex-parte motion to freeze all accounts and companies’ assets of Ajetunmobi. The Lagos state high court approved this. This forbids the couple from accessing over N11 billion that is in their financial accounts in the country.