Ex-Anambra CP, Mr. Aderemi Adeoye
Thirty-two investors have instituted a suit before the Lagos High Court against former Anambra State Commissioner of Police, Mr. Aderemi Adeoye, and four others, seeking a full account of all funds and properties acquired by the Alpha Trust Investment Club (ATIC) since its inception.
In Suit No. ID/11520GC/MW/24, pending before Justice A.M. Lawal, the claimants allege that, at the time of their expulsion from the club, their combined investment in ATIC totaled N1,449,156,450 billion.
Represented by Olu Daramola, SAN, of Afe Babalola & Co., the investors accused Adeoye of running ATIC, allegedly worth over N20 billion, entirely via Facebook, without a physical office or corporate structure.
Claimants include; Ronke Iyabode Adejare, Kingsley Nwabugwu, Henry Adebayo, Dr. Adesoji Adeniyi, and 28 others.
They are suing Adeoye, Mr. Egbele David Kaykay, Mr. Babatunde Olarenwaju Akanbi, ATIC (Eti-Osa) Cooperative Multipurpose Society Ltd, and the Director of Cooperatives, Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The claimants are asking the court to declare unlawful: “the unilateral valuation of their shares without an independent audit.
“The refusal to allocate land they fully paid for.
“Their expulsion from ATIC without due process.
“The management of ATIC as a private enterprise lacking transparency and accountability.”
They also seek declarations against the alleged refusal to conduct elections into ATIC’s Board of Trustees and Executive Committee and failure to submit the club’s accounts and assets for independent audit.
The investors are asking the court to order for a full account of all funds and properties acquired since the club’s formation
“An audit conducted by a certified accountant appointed by the President of ICAN
“An investigation by the Lagos State Director of Cooperatives into ATIC’s compliance with relevant laws.”
At the last hearing, Deji Adeyeye appeared for the claimants, Mrs. A. Amonwe represented the 1st to 4th defendants, and Mr. A.A. Moheeb (Deputy Director, Ministry of Justice) represented the 5th defendant.
The court has however granted a change of counsel for the defendants and while adjourned the matter to June 26, 2025, for the hearing of the claimants’ application to appoint an independent auditor.
The claimants in a 54-paragraph sworn statement, deposed to by the 28th claimant, Oluwasegun Akinyemi Akindele, stated that the investors are Nigerians based in the UK, U.S., Canada, Cyprus, Australia, and Nigeria. Adding that many were drawn to ATIC after following Adeoye’s Facebook page, where he portrayed himself as a Principled Police Officer and Anti-corruption Advocate..
According to him, Adeoye proposed forming an investment club in 2017/2018, focused on real estate and stock market ventures. Members were told the club would be managed by financial experts, with Adeoye serving in an advisory capacity. He added that contributions were made into a GTBank account under ATIC Venture and Business Services.
He however, stated that the claimants later discovered that ATIC was registered as a private business allegedly co-owned by Adeoye, Kaykay, and Akanbi. And that when members demanded transparency, such as a Board of Trustees, Office Space, and a website, the defendants allegedly resisted and labeled dissenters as “toxic” or “rebels.”
Akindele further said members contributed over N332 million between 2018 and 2023, but never received title documents or credible proof of investments. Properties reportedly acquired include: Manhattan Phase 2 Estate, Abuja, 200 plots Bridge Estate and Ocean View Estate, Ibeju-Lekki, Miami Beachfront, 500 plots Epe Pavilion Estate, 600 plots Ansfield Garden (ATIC City), Swiss Luxury Estate, and CITA Estates 1 & 2
He also stated that some members were lured into a “Customised Crypto Investment” scheme, which promised a guaranteed 10 percent monthly return, an offer personally made by Adeoye.
Despite the significant sums collected, the claimants say no land has been allocated, and no receipts or title documents have been provided. Their investigations reportedly revealed that many of the lands had not even been paid for by the defendants.
The court adjourned the matter until June 26 for further proceedings.
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