Justice Zainab Abubakar of the Federal High Court in Abuja has remanded two employees of Vektr Capital Global Group, Solomon Solomon and Zakari Haruna, in prison over allegations of operating as fund managers without registration by the Securities and Exchange Commission among others.
Justice Abubakar ordered that the defendants should be kept behind bars at the Suleja Correctional Centre pending the perfection of their bail terms.
The federal government had arraigned the defendants alongside the company on a four-count charge alleging that they committed the offence between the year 2021 and 2022.
The SEC had in March 2022 sealed up the Wuse Zone 5 office of Vektr Capital on suspicions of illegally collecting money from the investing public to the tune of N891,000,000 while not registered with the Commission.
The charge reads, “that you M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this honourable court with intent to defraud, conspired amongst themselves together with one Kayode Sal Viktor and your other staff to obtain the sum of over N891, 729,000 from investing public including Cordelia Ukomaka Ducke Eze and others under false pretence that they were a fund managers which you are not and thereby committed an offence contrary to Section 8 of the Advanced Fee Fraud and Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.
“That you M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this honourable court did commit a felony to wit. conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer for subscription an unregistered collective investment scheme valued over N891,000,000 to investing public including Cordelia Ukomaka Ducke Eze and others and thereby committed an offense contrary to and punishable under Section 516 of Criminal Code Act, Laws of the Federation of Nigeria 2004.
“That you M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this honourable court did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer for subscription an unregistered collective investment scheme valued over N891,000,000 to investing public including Cordelia Ukomaka Ducke Eze and others and thereby committed an offense contrary to and punishable under Section 54 of the Investments and Securities Act, 2007” the Charge stated.
The defendants, however, pleaded not guilty to the charge.
While ruling on their bail applications, the judge held that, “granting of bail is a discretionary power and you must earn it, you must convince me. So many people jump bail, cases will come up and it cannot go on because the person has jumped bail.
“If you convince me, because your conviction is on oath I believe you. My concern is what you depose in your affidavit. I cannot on the basis of this deposition grant this person bail, I cannot.
“According to Section 160 paragraph 8F, the applicant must have these facts in his affidavit to convince the court to grant him bail. If I grant bail and he decides to jump bail tomorrow anyone that sees this application will say he did not commit himself.”
She subsequently held “in the absence of this, this court cannot grant the second defendant bail. Accordingly, bail is refused.”