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EFCC Arraigns Saphire Scents’ MD over N12 million investment Fraud

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The Managing Director of Saphire Scents Limited, Adewale Aladejana has been arraigned before the Federal High Court in Bwari, Abuja over N12 million in investment fraud. 

This was revealed by the EFCC in a statement by EFCC spokesperson, Wilson Uwujaren, on Friday. 

He was arraigned before justice Justice M. A Madugu on October 4 for obtaining the said sum under false pretence. 

What you should know  

According to the EFCC, he was arraigned on three-count charges bordering on misappropriation and obtaining under false pretence. 

He was alleged to have collected the sum of N12 million from potential investors in his company promising a turnover in six months. However, he did not offer the promised profit nor did he return the invested funds to his investors.  

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Upon arraignment, he pleaded not guilty to the charges proffered against him by the EFCC. 

Count one of the charge reads, “That you, Adewale Aladejana being the Managing Director of Saphire Scents Limited, and your Saphire Scents Limited in Abuja within the jurisdiction of this court on or about the 16th day of September 2019 being entrusted with the sum of N4million by one Anaetoh Obianuju for investment in Saphire Scents Limited dishonestly misappropriated same and thereby committed an offence contrary to Section 311 of the Penal Code Act, Cap 532 LFN (Abuja ) 1990 and punishable under Section 312 of the same Act.” 

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Count two reads,  “that you Adewale Aladejana being the Managing Director of Saphire Consult and you Saphire Scents Limited in Abuja within the jurisdiction of this court on or about the 9th day of April 2019 being entrusted with the sum of N4million by one patience Idu Ipenyi for investment in Saphire Scents Limited, dishonestly misappropriated same and thereby committed an offence contrary to Section 311 at the Penal Code Act, Cap 532 LFN (Abuja ) 1990 and punishable under Section 312 of the same Act.” 

After he had taken his plea, his lawyer prayed the court to grant him bail pending the hearing and determination of the suit.  

Justice Madugu granted him bail in the sum of N4 million with a bail condition that he provides two sureties in the like sum.  

Thereafter, the judge adjourned the matter till November 21 and 22, 2022 for the commencement of trial. 

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