Scale of justice

Fraud

FRN vs Quintessential Investment Company Limited

Humans

Quintessential Investment Company Limited

Money bag

N1,195,646,432.25
Amount allegedly defrauded

Money bag

Case Summary
The accused, being a company incorporated in Nigeria, allegedly failed to obtain a valid licence from the Central Bank of Nigeria, CBN, to carry on business of investment management and thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Sections 57(5) of the same Act.

Calendar

24
Day(s) case tried in court

Gavel

Case Update
In the judge's ruling, he convicted the company on counts one and two and ordered it to pay a fine of N5,000,000.00 (Five Million Naira ) on each of the two counts .

Court house

Hon. Justice Deinde I. Dipeolu
Federal High Court, Ikoyi, Lagos

Legislation

ACJA/ACJL Compliance
(complied)

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Case Information
Quintessential Investment Company Limited
Presiding Judge & Designated Court
Hon. Justice Deinde I. Dipeolu, Federal High Court, Ikoyi, Lagos
Nature and Number of Charges
2-count charge bordering on operating collective investment schemes without a licence by the Central Bank of Nigeria, CBN.
Date of 1st Arraignment
Jun 20, 2025
Summary of Case
The accused, being a company incorporated in Nigeria, allegedly failed to obtain a valid licence from the Central Bank of Nigeria, CBN, to carry on business of investment management and thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Sections 57(5) of the same Act.
Defendant(s) and Plea entered on Arraignment
1. Quintessential Investment Company Limited (Company) – Not guilty
Defence Counsel(s)
No defence counsel
Prosecuting Agency
Economic and Financial Crimes Commission
Prosecutor(s)
1. Abdulhamid L. Tukur (Lawyer)
Status of Case
Decided
Decision
Convicted
Length of Trial
24 day(s)
ACJA/ACJL Compliance
Complied
Court Decision
In the judge's ruling, he convicted the company on counts one and two and ordered it to pay a fine of N5,000,000.00 (Five Million Naira ) on each of the two counts .
Download Case Summary