The Federal Government has dragged Elixir Asset Management Limited, Elixir Investment Partners Limited along with two of their Directors before the Federal High Court sitting in Ikoyi, Lagos on allegations of fraud to the tune of over N3 billion.
In a four count charge brought against the companies and their promoters by the Federal Republic of Nigeria, accused the firms of offering for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3 billion 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 do an illegal Act- diversion of Investment funds belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
The charge sheet partly reads: “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 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.”
However, the defendant, Mshelia-Whyte and Ogbemudia failed to honor the court invitation, which made the presiding judge, Justice Yellini Bogoro, to grant the wish of the counsel from the office of the Attorney General, Barr. Moshood Adeyemi, to issue the defendants criminal sermon and set a date for the next appearance for July 11, 2023.
Justice Bogoro said that ‘the Court will grant the request of the Prosecution and issue a criminal summon to be served to the defendant for arraignment’ and rescheduled the next hearing of the suit for July 11, 202’.
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 09.
In the summon charge, Elixir Asset Management Limited, Elixir Investment Partners Limited, Clara Bittinger Mshelia-Whyte and Sarah Ogbemudia were arraigned for promoting an unregistered market product, the Elixir Treasury and offering same to the investing public.
