The Justice Musa Kakaki-led Federal High Court, Ikoyi, has directed the remand of a 42-year-old businessman, Prince Blessed Peters, in a Nigerian Correctional Services (NCoS) facility over an alleged ₦3.53 billion investment fraud involving 191 investors.
Prince Peters was dragged before the court on a three-count charge of conspiracy, obtaining money by false pretence, and unlawful conversion of funds.
The allegation emanated from an investigation by the Force Criminal Investigation Department (ForceCID) Annex at Alagbon-Ikoyi, Lagos.
Addressing the court, the counsel for the prosecution, Samuel A. Ogala, insisted that Peters, alongside accomplices now at large, allegedly committed the offences between March and September 2026 in Lagos.
The 42-year-old man is being accused of fraudulently obtaining a sum to the tune of ₦3,531,747,465 from 191 investors of Solid Trust Service Limited under the pretext of investing their money in the company’s agricultural investment scheme.
The prosecution alleged that Peters promised the investors an approximately 75.7 percent return on investment (ROI) within three months, a representation he allegedly knew to be false, adding that after collecting the funds, the defendant diverted and converted the money for his use.
According to the ForceCID, the offences are contrary to Sections 8 and 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 390(9) of the Criminal Code Act, Cap C38, LFN 2004.
But Peters pleaded not guilty to all counts charged against him.
As a result, the prosecution prayed to the court to fix a trial date and to remand the defendant in custody pending the determination of the case.
On his part, Peters, through his counsel, asked the court to hear his bail application.
Handing down his ruling, Justice Kakaki ordered that the defendant be remanded to an NCoS facility and adjourned the matter until December 3, 2026, for the hearing of the bail application.